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For the first time, overall U.S. consumer credit, excluding home mortgages, has topped $2 trillion. During 2003, Americans added $30 billion in revolving credit, ending the year at $742.5 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was $645.7 billion, or roughly 88% of total revolving credit. It is expected that card loans, at year-end 2003, will come in around $660 billion. During December, consumers added $1.6 billion in revolving credit according to figures released last week by the Federal Reserve. Revised figures also show that the November and October figures were better than previously reported. November’s revised annual growth rate is +0.6% compared to -0.9% reported last month. October’s revised annual growth rate is 5.2% compared to 4.3% previously reported. At the end of December, Americans were $2001.7 billion in debt, excluding home mortgages.

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|_7. REVOLVING CREDIT HISTORICAL ($billions)|
|_. | Dec03 | Nov03 | Oct03 | Sep03 | Aug03 | Jul03 | Jun03 |
|_. GRWTH:| 2.6% | 0.6 | 5.2 | 6.8 | 3.4 | 1.4 | -2.4 |
|_. $OWED: | $742.5 | 740.9 | 740.5 | 737.3 | 729.1 | 726.8 | 725.9 |
|_. | May03| Apr03 | Mar03 | Feb03 | Jan03 | Dec02 | Nov02 |
|_. GRWTH:| 7.7%| 3.4 | 4.1 | 5.9 | 5.2 | -6.7 | -1.4 |
|_. $OWED:| $727.9| 722.8 | 720.7 | 718.6 | 715.5 | 712.4 | 716.8 |
|_7. Source: Federal Reserve|

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