Despite a sluggish economy, consumer debt continues to grow at faster pace than last year. During April, American consumers added $9.2 billion to total revolving debt representing an annual growth rate of 16%, according to preliminary figures released yesterday afternoon by the Federal Reserve. The sharp rise in credit card debt this year has been mostly driven by the decline in non-revolvers as evident in the declining repayment rates. Since the first of this year, American consumers have piled on $34 billion in revolving credit, mostly credit card debt. Total U.S. revolving consumer credit now stands at $697.4 billion which includes about $670 billion in credit card debt. Overall, consumer credit is growing at a 10.75% rate. At the end of April, American consumers were $1.584 trillion in debt, exclusive of home mortgages.
REVOLVING CREDIT HISTORICAL
Apr01 Mar01 Feb01 Jan01 Dec00 Nov00 Oct00
%GRWTH: 16.0% 11.9 20.8 11.6 5.0 10.9 4.7
$OWED: $697.4 688.2 681.4 670.3 663.4 660.6 654.8
Sep00 Aug00 Jul00 Jun00 May00 Apr00 Mar00
%GRWTH: 7.8% 12.6 6.7 11.2 12.7 13.5 13.8
$OWED: $649.3 645.1 638.2 634.7 628.9 622.5 615.5
Source: Federal Reserve; revised figures as of 06/07/01;
For complete historical data visit www.carddata.com.