After an anemic February, Americans picked up the pace in March as revolving credit grew at the same 4.1% annualized rate as one-year ago. Consumers added $2.6 billion to revolving credit during March compared to a mere $200 million in February. According to revised figures released last week by the Federal Reserve, the growth in February was only 0.4% instead of the previously reported 2.5%. At the end of March 2004, Americans owed $755.8 billion in revolving credit, compared to $720.7 billion for March 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was $672.3 billion, or roughly 90% of total revolving credit, according to CardData (www.carddata.com). It is expected that first quarter bank credit card debt will come in around $659 billion, reflecting a 2% seasonal decline. At the end of March, Americans were $2022.5 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Mar 04 Feb 04 Jan04 Dec03 Nov03 Oct03 Sep03
GRWTH: 4.1% 0.4 13.0 2.2 4.9 5.2 6.8
$OWED: $755.8 753.2 753.0 745.4 743.8 740.5 737.3
Aug 03 Jul03 Jun03 May03 Apr03 Mar03 Feb03
GRWTH: 3.4% 1.4 -2.4 7.7 3.4 4.1 5.9
$OWED: $729.1 726.8 725.9 727.9 722.8 720.7 718.6
Source: Federal Reserve; revised figures as of 5/07/04;
For complete historical data visit CardData (www.carddata.com)
After an anemic February, Americans picked up the pace in March as revolving credit grew at the same 4.1% annualized rate as one-year ago. Consumers added $2.6 billion to revolving credit during March compared to a mere $200 million in February. According to revised figures released last week by the Federal Reserve, the growth in February was only 0.4% instead of the previously reported 2.5%. At the end of March 2004, Americans owed $755.8 billion in revolving credit, compared to $720.7 billion for March 2003. Bank credit card debt (excluding store and gas credit cards) at the end of the fourth quarter was $672.3 billion, or roughly 90% of total revolving credit, according to CardData (