American consumers tacked on another $5 billion to revolving debt during June. The annual rate of revolving debt growth is now at 8.6% compared to 9.2% for June 1998 according to preliminary figures released Friday afternoon by the Federal Reserve. Overall consumer credit throttled down a bit to a 2.5% annual growth rate from 10.5% in May. Since last June, American consumers have added more than $31 billion to revolving debt, according to the FRB. Revolving credit is mostly credit card debt. At the end of June, American consumers were $1.347 trillion in debt, exclusive of home mortgages.
REVOLVING CREDIT HISTORICAL
Jun99 May99 Apr99 Mar99 Feb99 Jan99 Dec98 Nov98 Oct98 Sep98
%GRWTH: 8.6% 4.2 5.6 -0.9 3.4 11.6 8.6 -2.4 13.0 7.5
$OWED: $576.0 571.9 569.9 567.3 567.5 565.9 560.5 556.5 557.6 551.7
Source: Federal Reserve; revised figures as of 08/06/99; For complete
historical data visit www.carddata.com.