Payment Card News

Feb Debt

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Consumer revolving credit grew again in February as Americans tacked on nearly $5.0 billion in net new debt, mostly credit card debt, compared to the prior month. In January consumers added $5.6 billion. Revolving consumer credit has now reached a record $951.7 billion and is growing by 5.9% per annum. Based on revised figures, revolving debt rose 7.1% in January and 2.8% in December. According to data released by the Federal Reserve, total revolving credit has expanded by $76 billion over the past twelve months. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $800 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $109 billion in outstandings at year-end 2007. At the end of January, Americans were $2539 billion in debt, excluding home mortgages.

                REVOLVING CREDIT HISTORICAL ($billions)
              Feb 08    Jan 08   Dec 07   Nov 07  Oct 07   Sep 07
     GRWTH:    5.9%      7.1      2.8     12.8    8.7      6.0
     $OWED:    $951.7    947.0   941.4    939.6   921.8   922.1
            Source: Federal Reserve; revised figures as of 4/7/08;
        For complete historical data, visit CardData (www.carddata.com)

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