Decrease In Credit Card Debt All Down To Write-Off

Credit card debt fell last year only because of consumer defaults and bank write-offs, a new study argues.
In 2010, U.S. credit card debt dropped to the lowest level in eight years, according to credit reporting agency TransUnion. But there is more evidence Americans may have taken on more credit card debt than they paid off.
A study by Cardhub.com of Federal Reserve data found that last year, while banks wrote off a total of $75 billion in credit card debt, the level of the debt only declined by around $67 billion. This, according to Cardhub, suggests that the "entire decrease [in overall debt] is the direct result of Americans defaulting on their debt."

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