Looking for ways to pay down credit card debt and lines of credit, during the first half of the year, consumers cashed in about $29 billion from their maturing certificates of deposit to do so.

From January to June, consumers pulled out nearly $200 billion from their CDs, according to research firm Market Rates Insight. About $171 billion was moved to liquid accounts such as money market, savings and checking accounts.

Total consumer debt, both revolving and nonrevolving, decreased $29 billion from January to June, MRI noted. The lion share of the decrease in consumer debt during the same time period occurred in credit cards and other revolving credit from $859 billion to $832 billion-a decrease of $27 billion.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.