Consumer revolving credit grew again in August after topping the $900
billion milestone for the first time in June. Americans tacked on $6.2
billion in net new revolving debt in August after racking up new debt of
$5.6 billion in July. Revolving consumer credit has now reached a record
$915.5 billion and is growing by 8.1% per annum. Based on revised
figures, revolving debt rose 7.5% in July and 7.1% in June. According to
data released by the Federal Reserve, total revolving credit has
expanded by nearly $39 billion since the start of the new year. Bank
credit card debt (excluding store and gas credit cards) at the end of
the second quarter was about $740 billion or roughly 82% of total
revolving credit, according to CardData (www.carddata.com). Store and
gas credit cards had about $105 billion in outstandings at year-end
2006. At the end of August, Americans were $2470 billion in debt,
excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) |
|---|
| Aug 07 | Jul 07 | Jun 07 | May 07 | Apr 07 | Mar 07 |
| GRWTH: | 8.1% | 7.5 | 7.1 | 10.9 | 1.5 | 5.9 |
|---|
| $OWED: | $915.5 | 909.3 | 903.7 | 897.7 | 887.6 | 889.7 |
|---|
| Source: Federal Reserve; revised figures as of 10/5/07; |
|---|
| For complete historical data, visit CardData (www.carddata.com) |
|---|
