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Maturing CDs Used to Pay Down Credit Card Debt

Consumers used nearly 80% of their $29 billion in maturing CDs to pay down credit card balances in the first half of 2010.

By Michelle A. Samaad | Updated on October 10, 2010

Consumers used nearly 80% of their $29 billion in maturing CDs to pay down credit card balances in the first half of 2010.

The finding is based on analysis from Market Rates Insight, which showed a ten-year statistical analysis of the linear relationship between CD balances and credit card balances. The analysis showed that 79% of the decrease in credit card balances is explained by, and attributed to, the reduction in CD balances.

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