Consumer Payment Card News

April Debt

The spring spending bug has invaded American wallets as revolving consumer credit jumped to nearly $807 billion in April, a new record. On an annual basis, revolving consumer credit, mostly credit card debt, is growing at a 4.5% clip. According to data released this week by the Federal Reserve, total revolving credit stood at $806.9 billion at the end of April, compared to a revised $803.9 billion for March. The revised annual rate of growth for March was -2.3%. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was $710.9 billion or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of April, Americans were $2170.3 billion in debt, excluding home mortgages.

table{margin-left: auto; margin-right: auto;}.
|_7. REVOLVING CREDIT HISTORICAL ($billions)|
|_. | Apr 06 | Mar 06| Feb 06 | Jan 06 | Dec 05 |Nov 05|
|_. GRWTH: | 4.5% | -2.3 | -1.3 | 1.9 | 0.3 | 1.6|
|_. $OWED: | $806.9 | 803.9 | 805.4 | 805.9 | 805.4 | 801.4|
|_7. Source: Federal Reserve; revised figures as of 6/7/06;|
|_7. For complete historical data, visit CardData (www.carddata.com)|

Leave A Reply