Payment Card News

Aug Debt

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The $800 billion milestone for U.S. consumer revolving credit is fast approaching despite the siphoning off by refinancing and home equity loans. Revised figures released last week show that revolving consumer credit did not pass the $800 billion mark in June and July. Nevertheless, Americans held $798 billion in revolving credit for August. According to data released by the Federal Reserve, June’s measurement is now $796.5 billion instead of $806.0 billion and July’s figure is now $795.7 billion instead of $805.0 billion. The annual rate of growth for August was 3.5%, compared to -1.3% for July, and 1.0% for August 2004. One-year ago revolving credit stood at $776.7 billion. Bank credit card debt (excluding store and gas credit cards) at the mid-year was $664.5 billion, or roughly 83% of total revolving credit, according to CardData (www.carddata.com). At the end of August, Americans were $2152.3 billion in debt, excluding home mortgages.

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|_7. REVOLVING CREDIT HISTORICAL ($billions)|
|_. | Aug 05 |Jul 05 |Jun 05| May 05| Apr 05| Mar 05|
|_. GRWTH: | 3.5% | -1.3 | 10.9| 2.1| -0.9| -0.1|
|_. $OWED: | $798.0| 795.7 | 796.5| 789.3| 786.6| 787.3|
|_7. Source: Federal Reserve; revised figures as of 10/10/05;|
|_7. For complete historical data, visit CardData (www.carddata.com)|

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