Payment Card News

Sept Debt

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The roller coaster trend in revolving credit resumed in September as revolving credit soared at an annual rate of 10% after declining more than 3% in August. During September, consumers piled on more than $6 billion in revolving credit, mostly credit card debt. One-year ago, consumers added $1.6 billion in revolving credit during September. According to figures released Friday by the Federal Reserve, at the end of September 2004 Americans owed $748.3 billion in revolving credit, compared to $742.1 billion for August. One-year ago revolving credit stood at $730.7 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $672.1 billion, or roughly 90% of total revolving credit, according to CardData (“www.carddata.com”:www.carddata.com). At the end of September, Americans were $2053.3 billion in debt, excluding home mortgages.

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|_8. REVOLVING CREDIT HISTORICAL ($billions) |
|_. | Sep 04 | Aug 04 | Jul 04 | Jun 04 | May 04 | Apr 04 |Mar 04|
|_. GRWTH: | 10.0% | -3.3 | 8.9 | -0.1 | -1.0 | -5.3 | 5.5|
|_. $OWED: | $748.3 | 742.1 | 744.2 | 738.7 | 738.6 | 740.9 | 744.2 |
|_. | Feb 04 | Jan 04 | Dec 03 | Nov 03 | Oct 03| Sep 03 | Aug 03|
|_. GRWTH: | -0.6% | 13.0 | 3.3 | 4.9 | 4.1 | 6.8 | 3.4|
|_. $OWED: | $750.4| 753.0 | 734.1| 743.8| 740.5| 730.7 | 729.1 |
|_8. Source: Federal Reserve; revised figures as of 11/05/04; |
|_8. For complete historical data visit CardData (www.carddata.com) |

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