Give us credit: We're a little less in debt

Every American with a credit card will see sweeping changes with limits on sudden hikes in interest rates that drive consumers deeper into debt.
 

But, cardholders who pay off their balance each month may face new annual fees or lose out on lucrative rewards programs.

Congress wrapped up the legislation Wednesday and sent it to
President Barack Obama, who plans to sign it on Friday.
 

In general, the new rules - which go into effect in nine months.
The House passed the reform bill by a 361-64 vote on Wednesday. The Senate had voted, 90-5, for the measure on Tuesday.
 

On average, every American has 5 credit cards each carrying an average debt per card of 11-hundred dollars.
 

And on average, we've historically used the cards more and more year after year.
But if we take a closer look, we see a change, if only temporary.
 

Every month, the Federal Reserve tracks our consumer credit. And it's accumulated into the trillions of dollars.
 

Virtually every year from the introduction of plastic through last year, our collective consumer debt increased, long ago passing 2 trillion dollars and peaking at the end of last year at 2-point-6 trillion.
 

With a powerful recession in full gear, we have been cutting back slightly this year. It's uncertain whether that trend will continue if and when the economy improves, but our consumer indebtedness is down 2 and a half percent since the beginning of the year.