As the unemployment rate climbs dangerously close to 10%, Americans are saving more, spending less and getting their personal financial situations in order. 

According to statistics published by the Wall Street Journal the amount that consumers are borrowing has dropped for seven consecutive months—the fist time since 1991. The amount of credit card debt that the nations consumers owe has dropped by 13% and the amount of money that consumers owe on appliances and cars has also dropped.

The only type of debt that has remained steady during the recession is real estate. Although real estate prices are dropping across the board, mortgage balances have not.

Americans are deleveraging en masse. Many are worried that they will lose their jobs, receive a reduction in salary or a reduction in hours. As a result, consumers are taking proactive steps to improve their financial situations by saving more of their incomes and paying off some of their personal debt.

Some retailers, politicians and politicians are upset because of the decline in consumer spending, arguing that it will take the economy much longer to recover. Others argue that consumers “tightening their belts” is healthy for the economy because the recovery will be based on actual wealth rather than borrowing.