Consumer Payment Card News

March Debt

Consumer revolving credit came in like a lamb in March but left like a lion after Americans added $6.8 billion in new balances. Revolving consumer credit also set a new record of more than $888 billion in March, growing at an annual rate of 9.2%. Based on revised figures, revolving debt rose 2.9% in February and 0.8% in January. According to data released yesterday by the Federal Reserve, total revolving credit has expanded by $9.5 billion since the start of the new year. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $745 billion or roughly 85% of total revolving credit, according to CardData (“www.carddata.com”:http://www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2006. At the end of March, Americans were $2425.5 billion in debt, excluding home mortgages.

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