WASHINGTON (MarketWatch) -- U.S. consumers' outstanding credit balance fell for the ninth month in a row in October, but the decline in debt this year hasn't been as steep as previously reported, the Federal Reserve said Monday.

Outstanding balances of consumer credit fell by $3.51 billion, or 1.7% annualized, in October to $2.482 trillion. Outstanding credit can fall if consumers pay off balances, or if lenders write off bad loans.

The figures do not include debts backed by real estate, such as mortgages or home-equity loans.

Revolving credit -- mostly credit cards -- fell by $6.95 billion, or 9.3% annualized, to $888.1 billion. Nonrevolving credit, such as auto loans or student loans, rose by $3.44 billion, or 2.6%, to $1.595 trillion. Read the government report.

The $3.51 billion decline was less than the $10 billion expected by economists surveyed by MarketWatch. See the complete economic calendar and forecast.

The previous data were revised back through March. Revisions were significant. Total debt outstanding at the end of September was revised higher by $30.6 billion to $2.486 trillion from $2.456 trillion.

Outstanding debt declined at a 3.3% annual rate in the third quarter, revised from a 6.1% decline previously reported. The decline in the second quarter was 4.8% annualized, revised from 6.6% earlier.

Consumer debt has fallen by 3.6% since last October. Consumers have been paying down their debts to reduce their debt service. At the same time, banks have been written off more loans as uncollectible bad debts.

Before the steady decline during this recession, outstanding consumer debt had more than tripled in the 16 years between 1992 and 2007. The figures are not adjusted for inflation.