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American consumers continue to rack up revolving debt like there's no tomorrow! Since May 31, U.S. consumers have added $11.4 billion to revolving credit according to preliminary figures released this week by the Federal Reserve Board. Over the past twelve months consumer revolving debt has expanded by $39.2 billion. During July, Americans piled on $5.9 billion for a 12.1% annual rate of debt growth. The highest growth rate since last October. Overall consumer credit is now growing 7.9% annually. According to the July FRB figures, American consumers owe $583.7 billion in revolving credit. (Revolving credit is mostly credit card debt.) At mid-year, bank credit card debt (VISA, MasterCard, American Express, Discover) stood at $456.5 billion, according to CardData (www.carddata.com). Overall, American consumers were $1.354 trillion in debt at the end of July, exclusive of home mortgages.
