Consumer Payment Card News

Card Debt

Consumer revolving credit edged down slightly in April following a sharp run-up in the prior month. Americans paid down about $400 million in April after tagging on nearly $7 billion in March. However, revolving consumer credit continues to hover at a record of nearly $888 billion. Based on revised figures, revolving debt rose 9.2% in March and 2.9% in February. According to data released yesterday by the Federal Reserve, total revolving credit has expanded by $8.5 billion since the start of the new year. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was about $730 billion or roughly 82% of total revolving credit, according to CardData (“www.carddata.com”:www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2006. At the end of April, Americans were $2429 billion in debt, excluding home mortgages.

Leave A Reply