U.S. revolving credit, 98% of which is credit card debt, fell 0.9% in May, to $830.8 billion, from a revised total of $838.2 billion in April, according to the Federal Reserve G.19 report on consumer credit.

The report, released Thursday, showed a record 20th consecutive month of shrinking U.S. consumer credit.

Consumers have paid down nearly $127.3 billion of credit card debt since the end of 2008.

Seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, shrank at an annual rate of 4.5% in May, to $2.42 trillion, the report said.

Bank card delinquencies fell in the first quarter to 3.88% of outstanding receivables on all accounts, down 51 basis points from 4.39% in the fourth quarter, the American Bankers Association said last week. The decline was the first since 2002.

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