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March 12, 2010

Credit card debt fell due to bank write offs

By CANDICE CHOI
AP Personal Finance Writer

NEW YORK — With unemployment high and personal wealth diminished, how was it that strapped consumers were paying down their credit card debt last year? It turns out they probably weren't.

The bulk of 2009's drop in credit card debt instead came because banks were forced to write off loans consumers failed to pay, according to an analysis of Federal Reserve data.


 
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