
Consumer revolving credit slowed somewhat in December as Americans tacked on $2.1 billion in net new debt, mostly credit card debt, compared to the prior month. In November consumers added $10.7 billion and in October revolving credit expanded by $8.6 billion. Revolving consumer credit has now reached a record $943.5 billion and is growing by 2.7% per annum. Based on revised figures, revolving debt rose 13.7% in November and 11.1% in October. According to data released by the Federal Reserve, total revolving credit has expanded by $68 billion since the start of the year. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $800 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $109 billion in outstandings at year-end 2007. At the end of December, Americans were $2519 billion in debt, excluding home mortgages.
| REVOLVING CREDIT HISTORICAL ($billions) | ||||||
|---|---|---|---|---|---|---|
| Dec 07 | Nov 07 | Oct 07 | Sep 07 | Aug 07 | Jul 07 | |
| GRWTH: | 2.7% | 13.7 | 11.1 | 6.0 | 10.6 | 8.9 |
| $OWED: | $943.5 | 941.4 | 930.7 | 922.1 | 917.6 | 909.7 |
| Source: Federal Reserve; revised figures as of 2/7/08; | ||||||
| For complete historical data, visit CardData (www.carddata.com) | ||||||