Consumer revolving credit continued its rebound in February, growing at an annual rate of 9.0% compared to 2.2% one year ago. Americans added $5.4 billion to revolving credit in February, compared to $2.6 billion in February 2001. In January revolving credit increased at an annual rate of 5.5%, compared to 1.8% one year ago, according to data released this week by the Federal Reserve. The unusual surge in consumer revolving credit for the first two months of 2003 was preceded by a 1.4% drop in November and a 6.7% decline in December. Bank credit card debt at the end of the fourth quarter was $660.9 billion or roughly 93% of total revolving credit, according to CardData (www.carddata.com). According to the government figures released Monday, American consumers were $1.740 trillion in debt, exclusive of home mortgages during February. Overall, consumer credit increased 1.0% in February.
REVOLVING CREDIT HISTORICAL
($billions)
Feb03 Jan 03 Dec 02 Nov 02 Oct 02 Sep 02 Aug 02
GRWTH: 9.0% 5.5 -6.7 -1.4% 1.6 3.0 6.2
$OWED: $721.1 715.7 712.4 716.8 717.9 721.3 719.5
Jul 02 Jun 02 May 02 Apr02 Mar 02 Feb 02 Jan 02
GRWTH: 8.9% 6.0 4.1 8.0 4.8 2.2 1.8
$OWED: $717.4 715.6 712.1 708.7 705.4 705.0 702.4
Source: Federal Reserve; revised figures as of 04/07/03;
For complete historical data visit CardData (www.carddata.com).
