Consumers took on less credit card debt at Main Street retailers, service providers and restaurants dropped to 5.06 percent in the third quarter of the year, according to the latest quarterly study from the Capital Access Network. That's a decline from the high observed for the same period last year, when the proportion was 14.84 percent.
"This report from CAN, along with Federal Reserve Statistical Release G.19 Consumer Credit published on October 7, 2010, lends support to the notion that Main Street retailers, service providers and restaurateurs seem to be attracting a disproportionately high share of the reducing consumer credit card float," states Glenn Goldman, CAN's CEO and president.
The report said the rate at which consumers have taken on credit card debt at local businesses has declined in each of the last 12 quarters.
Consumers have been more careful about adding to their credit card debt in recent months, and have instead concentrated on reducing it with greater monthly payments and more controlled spending.