Consumer revolving credit remained flat in January as Americans added less than $1 billion from the prior month. However, revolving consumer credit did set a new record of $879 billion in January, growing at an annual rate of 1.1%. Based on revised figures, revolving debt rose 1.9% in December and 13.8% in November. According to data released by the Federal Reserve, total revolving credit grew $800 million during January to $879.4 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $750 billion or roughly 85% of total revolving credit, according to CardData ([www.carddata.com]). At the end of January, Americans were $2411.4 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jan 07 Dec 06 Nov 06 Oct 06 Sep 06 Aug 06
GRWTH: 1.1% 1.9 14.7 6.4 4.3 8.9
$OWED: $879.4 878.6 877.2 865.6 861.0 857.0
Source: Federal Reserve; revised figures as of 3/7/07;
For complete historical data, visit CardData (www.carddata.com)