Another month has passed and the Federal Reserve has updated their latest stats. As predicted, the level of consumer debt fell in February at an annual rate of 3.4 percent.
Unsecured debt has been the bread and butter of debt relief, debt settlement, and credit counseling companies and while the population grows and unsecured shrinks it puts significantly more pressure on the demand for debt settlement, credit counseling, and even bankruptcy.
Consumers did however continue to load up on student loans and auto loans. There is no stopping that train.
It is predicted that unsecured consumer debt will continue to decline unless lenders suddenly increase their subprime marketing and/or consumers begin to feel more confident about the future and begin to engage in unconscious spending. Neither of those options seems imminent.
At the current level, outstanding revolving credit card debt is off in the number of dollars outstanding by 17 percent but when you add in the growth of the population since the 2008 high, the actual falloff per capita or household must be near the 20 percent level.
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