Payment Card News

November Dip

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Revolving credit nose-dived in November as consumers cut more than $7 billion off total revolving credit. The 11% chop-off follows an explosion in revolving credit during September when growth soared by nearly 18%. According to the Federal Reserve, Americans owed $780.9 billion in revolving credit at the end of November, compared to $787.5 billion for October. One-year ago revolving credit stood at approximately $755 billion. In October revolving credit hit an all-time high of $787.5 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was $662 billion, or roughly 84% of total revolving credit, according to CardData (“www.carddata.com”:http://www.carddata.com). At the end of November, Americans were $2085.4 billion in debt, excluding home mortgages.

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|_7. REVOLVING CREDIT HISTORICAL ($billions)|
|_. | Nov 04 | Oct 04 | Sep 04 | Jun 04 | Mar 04| Dec 03|
|_. GRWTH: | -11.0% | 3.7 | 17.8 | 10.4 | -1.9 | 5.4|
|_. $OWED: | $780.3 | 787.5 | 785.1 | 765.2 | 768.9 | 758.7|
|_7. Source: Federal Reserve; revised figures as of 1/07/05;|
|_7. For complete historical data visit CardData (www.carddata.com)|

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