American consumers are back in the buying mode after ratcheting up revolving credit by $4.3 billion or 5.9% year-on-year (YOY) in March. Total revolving credit for March preliminarily posted $889.4 billion, compared to a revised $885.1 billion for the prior month and $887.5 billion for January.
As expected U.S. revolving consumer credit outstanding declined $3.7 billion or 5.0% year-on-year (YOY) in February as consumers cleared-off holiday debt. Total revolving credit for February preliminarily posted $884.8 billion, compared to a revised $888.5 billion for the prior month and $889.5 billion at end-of-year (EOY) 2014.
U.S. revolving consumer credit outstanding headed south in January declining 1.6% to $887.9 billion, following an 8.4% YOY gain in the holiday shopping-fueled month of December.
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Consumer credit continued its decline as Americans cut another $13 billion off in November, bringing the year-to-date total reduction to $83 billion. Posting its 15th consecutive monthly decline, U.S. consumer revolving credit remained well below $900 billion in November. Since peaking at a revised $975.2 billion in the third quarter of last year, Americans have chopped-off more than $100 billion in revolving credit to-date. According to new and revised data released by the Federal Reserve, revolving credit declined at an annual rate of 18.5% in November, following a revised 9.9% decline in October and a 10.5% drop in September. In October revolving credit declined to a revised $887.7 billion and to a revised $895.0 billion in September. March posted the largest contraction over the past nine months, dropping more than $14 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was about $710 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2008. At the end of November, Americans were $2465 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Nov 09 Oct 09 Sep 09 Aug 09 Jul 09 Jun 09
GRWTH: -18.5% -9.9 -10.5 -10.6 -3.6 -6.4
$OWED: $874.0 887.7 895.0 903.0 909.0 911.7
Source: Federal Reserve; revised figures as of 1/8/10;
For complete historical data, visit CardData (www.carddata.com)
Consumer credit continued its decline as Americans cut another $7 billion off October, bringing the year-to-date total reduction to $69 billion. Posting its 14th consecutive monthly decline, U.S. consumer revolving credit remained well below $900 billion in October. Since peaking at a revised $975.2 billion in the third quarter of last year, Americans have chopped-off more than $97 billion in revolving credit to-date. According to new and revised data released by the Federal Reserve, revolving credit declined at an annual rate of 9.3% in October, following a revised 10.5% decline in September and a 10.6% drop in August. In September revolving credit declined to a revised $895.0 billion and to a revised $903.0 billion in August. March posted the largest contraction over the past nine months, dropping more than $14 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was about $710 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2008. At the end of October, Americans were $2483 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Oct 09 Sep 09 Aug 09 Jul 09 Jun 09 May 09
GRWTH: -9.3% -10.5 -10.6 -3.6 -6.4 -12.1
$OWED: $888.1 895.0 903.0 909.0 911.7 916.6
Source: Federal Reserve; revised figures as of 12/7/09;
For complete historical data, visit CardData (www.carddata.com)
Consumer revolving credit, mostly credit card debt, has been declining at a much faster pace in 2009 than previously reported and continued its rapid downward spiral in June. Posting its tenth consecutive monthly decline, U.S. consumer revolving credit dipped to $917.0 billion in June. Since peaking at a revised $973.5 billion in the third quarter of last year, Americans have chopped-off about $56.5 billion in revolving credit to-date. According to new and revised data released by the Federal Reserve, revolving credit declined at an annual rate of 6.8% in June, following a revised 6.3% decline in May and an 11.7% drop in April. In May revolving credit declined to a revised $922.3 billion and to a revised $927.9 billion in April. February posted the largest contraction over the past eight months, dropping nearly $13 billion, declining at an annual rate of nearly 14%. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was about $780 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2008. At the end of June, Americans were $2503 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jun 09 May 09 Apr 09 Mar 09 Feb 09 Jan 09
GRWTH: -6.8% -6.3 -11.7 -8.9 -13.9 -0.7
$OWED: $917.0 922.3 927.9 936.2 948.4 961.0
Source: Federal Reserve; revised figures as of 8/7/09;
For complete historical data, visit CardData (www.carddata.com)
Consumer revolving credit continued its upward push in June as
Americans tacked on $5.5 billion in net new debt, mostly credit card
debt, after adding $6.1 billion in the prior month. Revolving consumer
credit has now reached a record $968.4 billion and is growing by 6.8%
per annum. Based on revised figures, revolving debt rose by 7.6% in May
after growing by a mere 0.3% in April. According to data released by the
Federal Reserve, total revolving credit has expanded by $66.2 billion
over the past twelve months. Bank credit card debt (excluding store and
gas credit cards) at the end of the second quarter was about $825
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 June, Americans were $2586
billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jun 08 May 08 Apr 08 Mar 08 Feb 08 Jan 08
GRWTH: 6.8% 7.6 0.3 7.4 5.3 7.1
$OWED: $968.4 962.9 956.8 956.6 950.7 947.0
Source: Federal Reserve; revised figures as of 8/7/08;
For complete historical data, visit CardData (www.carddata.com)
Revolving consumer credit soared to a record of more than $857 billion in September. Based on revised figures revolving debt rose 6.7% in both July and August. However, the growth slowed down to an annual rate of 4.0% in September. According to data released by the Federal Reserve, total revolving credit grew nearly $3 billion during September, compared to a revised $854.5 billion for August. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was about $737 billion or roughly 86% of total revolving credit, according to CardData ([www.carddata.com][1]). At the end of September, Americans were $2366.3 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Sep 06 Aug 06 Jul 06 Jun 06 May 06 Apr 06
GRWTH: 4.0% 6.7 6.7 10.1 13.0 4.0
$OWED: $857.4 854.5 849.8 845.1 829.3 806.6
Source: Federal Reserve; revised figures as of 11/7/06;
For complete historical data, visit CardData (www.carddata.com)
[1]: http://www.carddata.com
Revised figures released Friday show that revolving consumer credit did not pass the $800 billion mark in June and July. However, Americans are fast approaching the historic milestone as revolving credit for August hit $798 billion. According to data released by the Federal Reserve, June’s measurement is now $796.5 billion instead of $806.0 billion and July’s figure is now $795.7 billion instead of $805.0 billion. The annual rate of growth for August was 3.5%, compared to -1.3% for July, and 1.0% for August 2004. One-year ago revolving credit stood at $776.7 billion. Bank credit card debt (excluding store and gas credit cards) at the mid-year was $664.5 billion, or roughly 83% of total revolving credit, according to CardData (www.carddata.com). At the end of August, Americans were $2152.3 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Aug 05 Jul 05 Jun 05 May 05 Apr 05 Mar 05
GRWTH: 3.5% -1.3 10.9 2.1 -0.9 -0.1
$OWED: $798.0 795.7 796.5 789.3 786.6 787.3
Source: Federal Reserve; revised figures as of 10/10/05;
For complete historical data, visit CardData (www.carddata.com)
Revolving consumer credit slipped a bit in April, dropping a tad below $796 billion. Americans shaved off $500 million in revolving credit during April compared to $2.6 billion one-year ago. Monthly payment rates continue to dampen growth in credit card debt. The higher payment rates are a combination of low interest rates for mortgages/home equity, improved consumer credit score knowledge and rising debit card usage. According to the Federal Reserve, Americans owed $795.9 billion in revolving credit at the end of April, compared to $796.9 billion for January. One-year ago revolving credit stood at approximately $740.9 billion. The annual growth rate is now a negative 0.6%, compared to a negative 0.9% in the previous month and -5.3% one-year ago. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was about $659 billion, or roughly 83% of total revolving credit, according to CardData ([www.carddata.com][1]). At the end of April, Americans were $2130.5 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Apr 05 Mar 05 Feb 05 Jan 05 Dec 04 Nov 04 Apr 04
GRWTH: -0.6% -0.9 1.9 6.3 3.8 0.9 -5.3
$OWED: $795.9 796.4 796.9 796.9 793.0 784.0 740.9
Source: Federal Reserve; revised figures as of 6/07/05;
For complete historical data, visit CardData (www.carddata.com)
[1]: http://www.carddata.com
Revolving consumer credit continued to hover above the $800 billion milestone in March. However, Americans added a mere $400 million to revolving credit during the third month of the new year, compared to nearly $3 billion one-year ago. Monthly payment rates continue to clip growth in credit card debt. The higher MPR is a combination of low mortgage interest rates and consumer credit score knowledge. According to the Federal Reserve, Americans owed $800.5 billion in revolving credit at the end of March, compared to $796.4 billion for January. One-year ago revolving credit stood at approximately $767.6 billion. The annual growth rate is now 0.6%, compared to 4.8% in the previous month, and 3.6% one-year ago. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was about $671 billion, or roughly 84% of total revolving credit, according to CardData ([www.carddata.com][1]). At the end of March, Americans were $2127 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Mar 05 Feb 05 Jan 05 Dec 04 Nov 04 Sep 04 Mar 04
GRWTH: 0.6% 4.8 6.3 3.7 0.9 9.1 3.6
$OWED: $800.5 800.1 796.9 792.7 784.0 785.4 767.6
Source: Federal Reserve; revised figures as of 5/06/05;
For complete historical data, visit CardData (www.carddata.com)
[1]: http://www.carddata.com