The Federal Reserve Board released new data Wednesday showing that consumers pay off far less credit card debt every month than previously thought.

Data for the past three years indicate that card balances equaling 9% of total outstandings were paid off before interest accrued. This represents so-called "convenience use" of credit cards, which means consumers buy products with credit cards because it is easier than using cash. They then pay off the purchases when bills arrive, avoiding finance charges.

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