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(Technorati) — The Federal Reserve recently released data that showed that credit card debt decreased by over $12 billion in the second quarter of 2010 relative to the first. This is good news, right? Not when you take a closer look.

In CardHub.com’s Q2 2010 Quarterly Credit Card Debt Study, we found that the decrease in consumer credit card debt was entirely due to charge-offs, as opposed to consumers actually paying down their balances. A bank charges off credit card debt once a consumer has become 180 days delinquent in making a payment. If debt is charged-off it means that the bank considers it a loss and it is written off the books.

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