Revolving consumer credit soared to a record of nearly $821 billion in June, the largest one-month gain in nearly two years. On an annual basis, revolving consumer credit, mostly credit card debt, is growing at a surprising 9.8% clip after a very sluggish period in late 2005 and early 2006. According to data released this afternoon by the Federal Reserve, total revolving credit grew $6.7 billion during June, compared to a revised $814.0 billion for May. The revised annual rate of growth for May was 11.0%. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $721.4 billion or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of June, Americans were $2186.2 billion in debt, excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) |
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| Jun 06 | May 06 | Apr 06 | Mar 06 | Feb 06 | Jan 06 |
| GRWTH: | 9.8% | 11.0 | 4.0 | -0.8 | -1.3 | 1.9 |
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| $OWED: | $820.7 | 814.0 | 806.6 | 803.9 | 805.4 | 805.9 |
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| Source: Federal Reserve; revised figures as of 8/7/06; |
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| For complete historical data, visit CardData (www.carddata.com) |
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