Consumer Payment Card News

June Debt

Consumer revolving credit jumped again in June topping $900 billion for the first time. Americans tacked on more than $9.0 billion in net new revolving debt in June after racking up about $7.0 billion in May. Revolving consumer credit has now reached a record $903.9 billion and is growing by 8.4% per annum. Based on revised figures, revolving debt rose 12.2% in May and 1.5% in April. According to data released by the Federal Reserve, total revolving credit has expanded by nearly $25 billion since the start of the new year. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was about $740 billion or roughly 82% 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 June, Americans were $2459 billion in debt, excluding home mortgages.

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