Consumer credit continued its sharp decline as Americans cut nearly $10 billion off in September, bringing the year-to-date total reduction to $68.3 billion. Posting its 13th consecutive monthly decline, U.S. consumer revolving credit remained below $900 billion in September. Since peaking at a revised $975.2 billion in the third quarter of last year, Americans have chopped-off more than $86 billion in revolving credit to-date. According to new and revised data released by the Federal Reserve, revolving credit declined at an annual rate of 13.3% in September, following a revised 13.3% decline in August and a 3.6% drop in July. In August revolving credit declined to a revised $898.9 billion and to a revised $909.0 billion in July. March posted the largest contraction over the past nine months, dropping more than $14 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was about $710 billion or roughly 85% of total revolving credit, according to CardData (www.carddata.com). Store and gas credit cards had about $105 billion in outstandings at year-end 2008. At the end of September, Americans were $2456 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Sep 09 Aug 09 Jul 09 Jun 09 May 09 Apr 09
GRWTH: -13.3% -13.3 -3.6 -6.4 -12.1 -11.7
$OWED: $889.0 898.9 909.0 911.7 916.6 927.9
Source: Federal Reserve; revised figures as of 11/6/09;
For complete historical data, visit CardData (www.carddata.com)
