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June_Bug

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Consumer revolving credit took a turn south in June as Americans chopped-off $1.3 billion in total revolving debt, which is mostly credit card debt. The decline may be partially driven by record home refinancings, which shifted unsecured credit card debt to home mortgages. By contrast, one year ago, U.S. consumers added $3.4 billion to revolving debt during the month of June. The decline in June 2003, from $726.8 billion to $725.5 billion, is the first such decline this year. According to preliminary figures released today by the Federal Reserve, American consumers were $1.761 trillion in debt, exclusive of home mortgages during June. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $645.6 billion, or roughly 90% of total revolving credit, according to CardData (www.carddata.com).

              REVOLVING CREDIT HISTORICAL ($billions)
                   Jun03     May 03  Apr 03  Mar 03  Feb 03  Jan 03  Dec 02
  GRWTH:           -2.2%     6.7      3.4     4.1     5.9     5.2     -6.7
  $OWED:           $725.5    726.8    722.8  720.7   718.6    715.5   712.4

                   Nov 02   Oct 02  Sep 02  Aug 02  Jul 02  Jun 02  May 02
  GRWTH:           -1.4%     1.6      3.0      6.2    6.0     4.1     8.0
  $OWED:          $716.8    717.9   721.3    719.5    715.6   712.1   708.7
              Source: Federal Reserve; revised figures as of 08/07/03;
             For complete historical data visit CardData (www.carddata.com).

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