Consumer Payment Card News

Dec Debt

Consumer revolving credit slowed somewhat in December as Americans tacked on $2.1 billion in net new debt, mostly credit card debt, compared to the prior month. In November consumers added $10.7 billion and in October revolving credit expanded by $8.6 billion. Revolving consumer credit has now reached a record $943.5 billion and is growing by 2.7% per annum. Based on revised figures, revolving debt rose 13.7% in November and 11.1% in October. According to data released by the Federal Reserve, total revolving credit has expanded by $68 billion since the start of the year. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was about $800 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $109 billion in outstandings at year-end 2007. At the end of December, Americans were $2519 billion in debt, excluding home mortgages.

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REVOLVING CREDIT HISTORICAL ($billions)
Dec 07 Nov 07 Oct 07 Sep 07 Aug 07 Jul 07
GRWTH: 2.7% 13.7 11.1 6.0 10.6 8.9
$OWED: $943.5 941.4 930.7 922.1 917.6 909.7
Source: Federal Reserve; revised figures as of 2/7/08;
For complete historical data, visit CardData (www.carddata.com)

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