Consumer revolving credit continued its upward push in June as Americans tacked on $5.5 billion in net new debt, mostly credit card debt, after adding $6.1 billion in the prior month. Revolving consumer credit has now reached a record $968.4 billion and is growing by 6.8% per annum. Based on revised figures, revolving debt rose by 7.6% in May after growing by a mere 0.3% in April. According to data released by the Federal Reserve, total revolving credit has expanded by $66.2 billion over the past twelve months. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was about $825 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 June, Americans were $2586 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions) Jun 08 May 08 Apr 08 Mar 08 Feb 08 Jan 08 GRWTH: 6.8% 7.6 0.3 7.4 5.3 7.1 $OWED: $968.4 962.9 956.8 956.6 950.7 947.0 Source: Federal Reserve; revised figures as of 8/7/08; For complete historical data, visit CardData (www.carddata.com)