Consumer revolving credit jump significantly in March as Americans tacked on more $6.0 billion in net new debt, mostly credit card debt, compared to the prior month. In February consumers added about $4 billion. Revolving consumer credit has now reached a record $957.2 billion and is growing by 7.9% per annum. Based on revised figures, revolving debt rose 5.0% in February and 7.1% in January. According to data released by the Federal Reserve, total revolving credit has expanded by $70 billion over the past twelve months. 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”:www.carddata.com). Store and gas credit cards had about $109 billion in outstandings at year-end 2007. At the end of March, Americans were $2558 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions) Mar 08 Feb 08 Jan 08 Dec 07 Nov 07 Oct 07 GRWTH: 7.9% 5.0 7.1 2.8 12.8 8.7 $OWED: $957.2 950.9 947.0 941.4 939.6 921.8 Source: Federal Reserve; revised figures as of 5/7/08; For complete historical data, visit CardData ("www.carddata.com":www.carddata.com)