Govt Report Shows Debt Dropping, But Credit Cards Haunt You Forever

The Fed is out with its latest report on consumer credit, and it's filled with good news -- kinda sorta. While the report says that, for the seventh consecutive quarter, consumers are borrowing less and paying off more of their debt, that doesn't necessarily mean the economy is healthier. The numbers "can be a result of both tightening credit standards and voluntary changes in saving behavior," said Fed economist Donghoon Lee. So, maybe you're borrowing less because you don't want to get stuck with more debt -- or maybe it's just because nobody wants to lend you money anymore.

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