Consumer credit declines in May.

Consumers across America are slowly paying off their debt, continuing a trend has been exhibited in 18 of the last 20 months.

According to the latest report from the Federal Reserve [Board], the amount of money consumers owe to creditors declined at an annualized rate of 4.5 percent in May. That number equates to a drop of about $9.15 billion in consumer debt. The new national number for total consumer debt is $2.42 trillion. This was the fourth month in a row that consumer credit declined. Read full article…