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Consumers Slash Credit Card Debt

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THE DECLINE AND FALL OF CONSPICUOUS CONSUMPTION
DailyFeed
In the rush to get out of the office this past Friday, the Consumer Credit figures kind of got swept under the rug. In short, the numbers were bad, which is good, in a way, except for the economy, of course, which relies on people buying loads and loads of useless crap in order to stay afloat.

Credit card debt was slashed by $4.5 billion in June, a 6.5 percent annualized decline. This was an incredible 21st consecutive monthly decline in credit card debt, something unheard of since the Federal Reserve began tracking consumer credit.

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