Payment Card News

April Showers

480 0

The abundant rain across much of country this spring may have dampened consumer credit card spending. During April, Americans added $1.4 billion in revolving credit, mostly credit cards, compared to $2.6 billion one year ago. According to preliminary figures released Friday afternoon by the Federal Reserve, revolving consumer credit stood at $722.6 billion, at the end of April, compared to $705.0 billion one year ago. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $645.6 billion, or roughly 89% of total revolving credit, according to CardData (www.carddata.com). This compares to $660.9 billion at the end of 2002. According to the latest government figures, American consumers were $1.755 trillion in debt, exclusive of home mortgages during April.

                 REVOLVING CREDIT HISTORICAL
              ($billions)
       Apr 03  Mar 03  Feb 03  Jan 03  Dec 02  Nov 02  Oct 02
GRWTH:    2.3%    4.4     5.9     5.2    -6.7    -1.4     1.6
$OWED: $722.6b  721.2   718.6   715.5   712.4   716.8   717.9

       Sep 02  Aug 02  Jul 02  Jun 02  May 02  Apr 02  Mar 02
GRWTH:    3.0%    6.2     6.0     4.1     8.0     4.8     2.2
$OWED: $721.3b  719.5   715.6   712.1   708.7   705.4   705.0

   Source: Federal Reserve; revised figures as of 06/06/03

           BANK CREDIT CARD OUTSTANDINGS HISTORICAL
        (VISA, MasterCard, Discover, American Express)

                 1Q/2003:     $645.6 Billion
                 4Q/2002:     $660.9 Billion
                 3Q/2002:     $626.4 Billion
                 2Q/2002:     $611.4 Billion
                 1Q/2002:     $589.6 Billion

              Source: CardData (www.carddata.com)

Leave A Reply