Sept Debt Fri, Nov 12, 2004
By Julia Spencer, CardTrak.com
The roller coaster trend in revolving credit resumed in September as revolving credit soared at an annual rate of 10% after declining more than 3% in August. During September, consumers piled on more than $6 billion in revolving credit, mostly credit card debt. One-year ago, consumers added $1.6 billion in revolving credit during September. According to figures released Friday by the Federal Reserve, at the end of September 2004 Americans owed $748.3 billion in revolving credit, compared to $742.1 billion for August. One-year ago revolving credit stood at $730.7 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $672.1 billion, or roughly 90% of total revolving credit, according to CardData (www.carddata.com). At the end of September, Americans were $2053.3 billion in debt, excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) | |||||||
|---|---|---|---|---|---|---|---|
| Sep 04 | Aug 04 | Jul 04 | Jun 04 | May 04 | Apr 04 | Mar 04 | |
| GRWTH: | 10.0% | -3.3 | 8.9 | -0.1 | -1.0 | -5.3 | 5.5 |
| $OWED: | $748.3 | 742.1 | 744.2 | 738.7 | 738.6 | 740.9 | 744.2 |
| Feb 04 | Jan 04 | Dec 03 | Nov 03 | Oct 03 | Sep 03 | Aug 03 | |
| GRWTH: | -0.6% | 13.0 | 3.3 | 4.9 | 4.1 | 6.8 | 3.4 |
| $OWED: | $750.4 | 753.0 | 734.1 | 743.8 | 740.5 | 730.7 | 729.1 |
| Source: Federal Reserve; revised figures as of 11/05/04; | |||||||
| For complete historical data visit CardData (www.carddata.com) | |||||||
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