After a sluggish spring, Americans have started adding to their credit card debt load. During June consumers added $1.5 billion to total revolving credit, about the same amount they added in June 2003. At an annualized rate, consumer credit increased 2.5% during June 2004. One-year ago Americans added $1.8 billion to revolving credit during June at an annualized growth rate of 2.7%. According to revised figures released this afternoon by the Federal Reserve, at the end of June 2004 Americans owed $743.5 billion in revolving credit, compared to $729.7 billion for June 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $658.9 billion, or roughly 88% of total revolving credit, according to CardData (www.carddata.com). At the end of June, Americans were $2038.4 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jun 04 May 04 Apr 04 Mar 04 Feb 04 Jan04 Dec03
GRWTH: 2.5% 1.7% -5.3 -2.1 -0.6 13.0 3.3
$OWED: $743.5 742.0 740.9 744.2 750.4 753.0 743.4
Nov 03 Oct 03 Sep03 Aug 03 Jul03 Jun03 May03
GRWTH: 4.9% 4.1 6.8 3.4 1.4 2.7 7.7
$OWED: $743.8 740.5 737.3 729.1 726.8 729.7 727.9
Source: Federal Reserve; revised figures as of 8/06/04;
For complete historical data visit CardData (www.carddata.com)
After a sluggish spring, Americans have started adding to their credit card debt load. During June consumers added $1.5 billion to total revolving credit, about the same amount they added in June 2003. At an annualized rate, consumer credit increased 2.5% during June 2004. One-year ago Americans added $1.8 billion to revolving credit during June at an annualized growth rate of 2.7%. According to revised figures released this afternoon by the Federal Reserve, at the end of June 2004 Americans owed $743.5 billion in revolving credit, compared to $729.7 billion for June 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the first quarter was $658.9 billion, or roughly 88% of total revolving credit, according to CardData (