Consumer revolving credit grew again in July after topping the $900 billion milestone for the first time in June. Americans tacked on $5.0 billion in net new revolving debt in July after racking up new debt of $4.7 billion in June. Revolving consumer credit has now reached a record $907.4 billion and is growing by 6.6% per annum. Based on revised figures, revolving debt rose 6.0% in June and 10.9% in May. According to data released by the Federal Reserve, total revolving credit has expanded by $31 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 July, Americans were $2457 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jul 07 Jun 07 May 07 Apr 07 Mar 07 Feb 07
GRWTH: 6.6% 6.6 10.9 1.5 6.0 2.9
$OWED: $907.4 902.4 897.7 887.6 889.5 880.9
Source: Federal Reserve; revised figures as of 9/10/07;
For complete historical data, visit CardData (www.carddata.com)