Consumers continued to slash credit card debt in February

Consumers continued to slash credit card debt in February While consumers continue to feel better about their finances and the economy in general, many seem to still be cautious about once again dealing with credit card debt.

The amount of money being borrowed on credit cards nationwide slipped once again in February, this time falling to a total of $798.6 billion from January's total of $800.8 billion, according to the latest monthly statistics issued by the Federal Reserve Board. That's a decrease of 3.3 percent, following January's slightly larger drop of 4.4 percent from December's total.

But at the same time, borrowing increased overall once again, as consumers continued to tap lenders for financing on nonrevolving credit – that is, installment loans for things like auto financing and education costs, but not including mortgages, the report said. In all, this type of borrowing rose 7.7 percent in February, to a total of more than $1.72 trillion.

Experts had noted that increases in consumers' borrowing on credit cards seen at the end of last year bucked recent trends toward trying to find debt relief, but also cautioned that it was likely the result of many using their cards to finance their holiday shopping.