Payment Card News

June Debt

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After a sluggish spring, Americans have started adding to their credit card debt load. During June consumers added $1.5 billion to total revolving credit, about the same amount they added in June 2003. At an annualized rate, consumer credit increased 2.5% during June 2004. One-year ago Americans added $1.8 billion to revolving credit during June at an annualized growth rate of 2.7%. According to revised figures released this afternoon by the Federal Reserve, at the end of June 2004 Americans owed $743.5 billion in revolving credit, compared to $729.7 billion for June 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $658.9 billion, or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of June, Americans were $2038.4 billion in debt, excluding home mortgages.

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|_8. REVOLVING CREDIT HISTORICAL ($billions)|
|_. | Jun 04 | May 04 | Apr 04| Mar 04| Feb 04 | Jan04 | Dec03|
|_. GRWTH: | 2.5% | 1.7% | -5.3 | -2.1 | -0.6 | 13.0 | 3.3|
|_. $OWED: | $743.5 | 742.0 | 740.9 | 744.2 | 750.4 | 753.0 | 743.4|
|_. | Nov 03 | Oct 03 | Sep03 | Aug 03| Jul03 | Jun03 | May03|
|_. GRWTH: | 4.9% | 4.1 | 6.8 | 3.4 | 1.4 | 2.7 | 7.7|
|_. $OWED: | $743.8 | 740.5 | 737.3 | 729.1 | 726.8 | 729.7 | 727.9|
|_8. Source: Federal Reserve; revised figures as of 8/06/04;|
|_8. For complete historical data visit CardData (www.carddata.com)|

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