CardTrak.com - Most Trusted Source of Credit Cards Since 1986

By Ashish Rajan, CardTrak.com

Consumer revolving credit grew again in January as Americans tacked on $5.6 billion in net new debt, mostly credit card debt, compared to the prior month. In December consumers added $2.2 billion. Revolving consumer credit has now reached a record $947.4 billion and is growing by 7.0% per annum. Based on revised figures, revolving debt rose 2.8% in December and 12.8% in November. According to data released by the Federal Reserve, total revolving credit has expanded by $76 billion over the past twelve months. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $800 billion, 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 $2524 billion in debt, excluding home mortgages.

                REVOLVING CREDIT HISTORICAL ($billions)
              Jan 08   Dec 07   Nov 07  Oct 07   Sep 07  Aug 07
     GRWTH:    7.0%      2.8     12.8    8.7      6.0     10.6
     $OWED:    $947.4   941.8   939.6   921.8   922.1    917.6
            Source: Federal Reserve; revised figures as of 3/7/08;
        For complete historical data, visit CardData (www.carddata.com)