November Credit Nosedives

The amount of credit card debt took a staggering fall in November 2009.

According to a survey by the Federal Reserve, the amount of “revolving credit” in the nation fell 18.5 percent at an annualized rate from the previous measurement. “Revolving credit” means primarily credit card debt.

Among the possibilities, the numbers could reflect consumers using credit less and paying down their debt, or banks tightening credit.

Total debt, both “revolving” and “non-revolving,” among the nation’s population fell 8.5 percent at an annualized rate.

About $874 billion in revolving credit wasin circulation. The total amount of the nation’s credit in all forms was recorded just under $2.5 trillion.