Consumer revolving credit took a turn south in June as Americans chopped-off $1.3 billion in total revolving debt, which is mostly credit card debt. The decline may be partially driven by record home refinancings, which shifted unsecured credit card debt to home mortgages. By contrast, one year ago, U.S. consumers added $3.4 billion to revolving debt during the month of June. The decline in June 2003, from $726.8 billion to $725.5 billion, is the first such decline this year. According to preliminary figures released today by the Federal Reserve, American consumers were $1.761 trillion in debt, exclusive of home mortgages during June. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $645.6 billion, or roughly 90% of total revolving credit, according to CardData (www.carddata.com).
REVOLVING CREDIT HISTORICAL ($billions)
Jun03 May 03 Apr 03 Mar 03 Feb 03 Jan 03 Dec 02
GRWTH: -2.2% 6.7 3.4 4.1 5.9 5.2 -6.7
$OWED: $725.5 726.8 722.8 720.7 718.6 715.5 712.4
Nov 02 Oct 02 Sep 02 Aug 02 Jul 02 Jun 02 May 02
GRWTH: -1.4% 1.6 3.0 6.2 6.0 4.1 8.0
$OWED: $716.8 717.9 721.3 719.5 715.6 712.1 708.7
Source: Federal Reserve; revised figures as of 08/07/03;
For complete historical data visit CardData (www.carddata.com).
