Getting out of debt has become a priority for many Americans, and new statistics from the federal government show the amount of debt people have is going down.

According to the Federal Reserve, both revolving and non-revolving debt saw drops in percentage during the month of June. Non-revolving debt saw a fall of 3.8 percent for the month and is down by almost $1.6 trillion.

Credit card use seems to be on the decline as well according to the Fed's numbers. What people owe on their credit cards makes up a significant portion of revolving debt, which dropped by 6.8 percent during the month.

In all, revolving debt fell to $917 billion in June, compared to around $922 billion in May and $927 billion in April.

Dropping revolving credit comes at a time when more people are using debit cards for their transactions rather than credit cards. According to the Nilson Report, debit card transactions accounted for around 58 percent of all card transactions. A recent Wall Street Journal report about the use of debit and credit cards indicates that as credit requirements get more strict, fewer people may be inclined to use them.

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