The latest consumer credit data has been released and as forecasted, the levels of unsecured credit card debt are still dropping. In fact if you factor in inflation, the amount of revolving consumer debt consumers are carrying today is now lower than 2010 levels.
Consumer credit increased at an annual rate of 4-1/4 percent in February. Revolving credit declined at an annual rate of 3-1/4 percent, while nonrevolving credit increased at an annual rate of 7-3/4 percent.
The question here really isn’t if revolving consumer credit is bouncing up and down a bit but the overall big picture level of consumer indebtedness requiring a large number of debt relief companies to service those consumers.
As you can see in the chart above, the peak occurred in 2008-2009 and has fallen every since with only some small recent speed bumps.
For debt relief companies to survive and flourish, they most likely need more debt relief companies to fail in order to direct what little remaining demand there is to fewer remaining companies.
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