Consumer Payment Card News

Apr Debt

Consumer revolving credit hit the wall in April as Americans tacked on a mere $300 million after adding nearly $6.0 billion in net new debt, mostly credit card debt, in the prior month. In February consumers added nearly $4 billion. Revolving consumer credit has now reached a record $956.9 billion and is growing by 0.4% per annum. Based on revised figures, revolving debt rose 7.4% in March and 5.3% in February. 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 first quarter was about $815 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 April, Americans were $2565 billion in debt, excluding home mortgages.

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REVOLVING CREDIT HISTORICAL ($billions)
Apr 08 Mar 08 Feb 08 Jan 08 Dec 07 Nov 07
GRWTH: 0.4% 7.4 5.3 7.1 2.8 12.8
$OWED: $956.9 956.6 950.7 947.0 941.4 939.6
Source: Federal Reserve; revised figures as of 6/6/08;
For complete historical data, visit CardData (www.carddata.com)

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