Less Debt – American consumers reduced their outstanding debt by $12 billion or 5.8 percent (annualized) in August, more than the $10 billion analysts expected, according to the Federal Reserve. Total consumer outstanding debt now stands at $2.46 trillion, which includes credit cards, store cards, auto and personal loans, but not mortgages or other debt related to real estate. In July, consumer debt dropped 9.1 percent, the largest decrease since June 1975. The decline reflects both less consumer spending and tighter credit standards among lenders.

Let’s hope this trend continues….