Consumer credit logged another sluggish month in August as revolving credit, mostly credit card debt, grew a mere 2.1% during August. American consumers added only $1.2 billion to new revolving debt during the month versus $5.9 billion last August. The figures further confirm the consumer has pulled back on spending and that a full blown recession is underway. The consumer response to the September 11th events, as reflected in next month’s revolving debt data, will further confirm the depth of recession. According to preliminary figures released Friday afternoon by the Federal Reserve, revolving debt stood at $702.6 billion during August. Non-revolving debt edged up slightly to $888.3 billion. At the end of August, American consumers were $1.591 trillion in debt, exclusive of home mortgages.
REVOLVING CREDIT HISTORICAL
Aug01 Jul01 Jun01 May01 Apr01 Mar01 Feb01
%GRWTH: 2.1% 1.9 2.1 4.5 14.2 11.9 20.8
$OWED: $702.6 701.4 700.3 699.0 697.6 688.2 681.4
Jan01 Dec00 Nov00 Oct00 Sep00 Aug00 Jul00
%GRWTH: 11.6% 5.0 10.9 4.7% 7.8 12.6 6.7
$OWED: $670.3 663.4 660.6 654.8 649.3 645.1 638.2
Source: Federal Reserve; revised figures as of 10/5/01;
For complete historical data visit www.carddata.com.