Payment Card News

Credit Outstandings

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Keep paying down those credit cards! The latest shows outstanding revolving credit dropped 3.4% from the year ago period to sit at $790.1 billion. These figures are down from the July figure of $792.3 billion after March, May and June actually saw increases for the first time since December 2010, breaking the downward trend seen over the past 2 and half years. With this, revolving consumer credit plummeted from its peak of $973.6 billion in August 2008 by a staggering $179.6 billion.

Beware! This comes at a time card issuers are seeking new ways to grow and are increasingly focusing on the non-prime consumer market, indicating credit standards are beginning to loosen. So avoid falling back into any old habits which may come with easy credit in the mail. With card issuers continue to work through elevated charge-off levels, they are focusing on new segmentation approaches and using new analytics and data types. Stay strong cardholders…stay strong!

CREDIT OUTSTANDING
$ BIL
MAY 10     830.0
JUN 10     825.8
JUL 10     818.0
AUG 10     814.5
SEP 10     805.6
OCT 10     803.2
NOV 10     797.0
DEC 10     799.7
JAN 11     795.5
FEB 11     794.0
MAR 11     790.6
APR 11     789.8
MAY 11     793.1
JUN 11     795.9
JUL 11     792.3
AUG 11    790.1
Source: CARDDATA.COM

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