Revolving consumer credit soared to a record of more than $840 billion in July. Based on revised figures revolving debt rose 13% in both May and June. However, the growth slowed down to an annual rate of 3.4% in July. According to data recently released by the Federal Reserve, total revolving credit grew $2.4 billion during July, compared to a revised $838.4 billion for June. The revised annual rate of growth for June was 13.2%. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $721.4 billion or roughly 86% of total revolving credit, according to CardData (www.carddata.com). At the end of July, Americans were $2349.9 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Jul 06 Jun 06 May 06 Apr 06 Mar 06 Feb 06
GRWTH: 3.4% 13.2 13.0 4.0 -0.8 -1.3
$OWED: $840.8 838.4 829.3 806.6 817.6 805.4
Source: Federal Reserve; revised figures as of 9/8/06;
For complete historical data, visit CardData (www.carddata.com)
Revolving consumer credit soared to a record of more than $840 billion in July. Based on revised figures revolving debt rose 13% in both May and June. However, the growth slowed down to an annual rate of 3.4% in July. According to data recently released by the Federal Reserve, total revolving credit grew $2.4 billion during July, compared to a revised $838.4 billion for June. The revised annual rate of growth for June was 13.2%. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was $721.4 billion or roughly 86% of total revolving credit, according to CardData (