Revolving credit nose-dived in November as consumers cut more than $7 billion off total revolving credit. The 11% fall-off follows an explosion in revolving credit in September when growth soared by nearly 18%. According to the Federal Reserve, Americans owed $780.9 billion in revolving credit at the end of November, compared to $787.5 billion for October. One-year ago revolving credit stood at approximately $755 billion. In October revolving credit hit an all-time high of $787.5 billion. Bank credit card debt (excluding store and gas credit cards) at the end of the third quarter was $662 billion, or roughly 84% of total revolving credit, according to CardData ([www.carddata.com]). At the end of November, Americans were $2085.4 billion in debt, excluding home mortgages.
REVOLVING CREDIT HISTORICAL ($billions)
Nov 04 Oct 04 Sep 04 Jun 04 Mar 04 Dec 03
GRWTH: -11.0% 3.7 17.8 10.4 -1.9 5.4
$OWED: $780.3 787.5 785.1 765.2 768.9 758.7
Source: Federal Reserve; revised figures as of 1/07/05;
For complete historical data visit CardData (www.carddata.com)