Debt levels are also falling on the other side of the Atlantic, new Federal Reserve statistics have revealed.
This month, the Bank of England published figures showing that total consumer debt in the UK had dropped by 600 million in July.
In the US, meanwhile, consumers have also been paying down their collective debt. According to nasdaq.com, consumer credit `decreased at a 10.5 percent annual rate for the month of July, following a 7.4 percent annual decline in June and a 4.2 percent decrease in May`.
`Of that total,` the site continues, `revolving debt, which includes credit cards, fell 8 percent in July, while non-revolving debt, including car loans, went down 11.7 percent.`
The site does, however, question what has caused this fall in debt levels in the US. Economists, it points out, are debating whether it`s due to consumers paying more attention to their debt levels and budgeting more carefully, or simply due to the fact that American citizens are finding it hard to access credit.
As Nasdaq.com reports, Americans` total `revolving debt` stands at $905.6 billion (about 540 billion), while `non-revolving` debt stands at $1.566 trillion (about 940 billion).
In the UK, consumers are carrying a total of 230.7 billion in unsecured debt and 1.2263 trillion in secured debt.
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