Revolving consumer credit soared to a record of more than $840 billion in July. Based on revised figures revolving debt rose 13% in both May and June. However, the growth slowed down to an annual rate of 3.4% in July. According to data recently released by the Federal Reserve, total revolving credit grew $2.4 billion during July, compared to a revised $838.4 billion for June. The revised annual rate of growth for June was 13.2%. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $721.4 billion or roughly 86% of total revolving credit, according to CardData (www.carddata.com). At the end of July, Americans were $2349.9 billion in debt, excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) |
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| Jul 06 | Jun 06 | May 06 | Apr 06 | Mar 06 | Feb 06 |
| GRWTH: | 3.4% | 13.2 | 13.0 | 4.0 | -0.8 | -1.3 |
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| $OWED: | $840.8 | 838.4 | 829.3 | 806.6 | 817.6 | 805.4 |
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| Source: Federal Reserve; revised figures as of 9/8/06; |
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| For complete historical data, visit CardData (www.carddata.com) |
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