The spring spending bug has invaded American wallets as revolving consumer credit jumped to nearly $807 billion in April, a new record. On an annual basis, revolving consumer credit, mostly credit card debt, is growing at a 4.5% clip. According to data released this week by the Federal Reserve, total revolving credit stood at $806.9 billion at the end of April, compared to a revised $803.9 billion for March. The revised annual rate of growth for March was -2.3%. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was $710.9 billion or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of April, Americans were $2170.3 billion in debt, excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) |
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| Apr 06 | Mar 06 | Feb 06 | Jan 06 | Dec 05 | Nov 05 |
| GRWTH: | 4.5% | -2.3 | -1.3 | 1.9 | 0.3 | 1.6 |
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| $OWED: | $806.9 | 803.9 | 805.4 | 805.9 | 805.4 | 801.4 |
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| Source: Federal Reserve; revised figures as of 6/7/06; |
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| For complete historical data, visit CardData (www.carddata.com) |
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