Location: New York
Author: RiskCenter Staff
Date: Tuesday, August 12, 2008
Consumer credit outstanding, which includes revolving and non-revolving credit, rose at a seasonally adjusted annual rate of 6.7 percent in June to $2.59 trillion, according to the Federal Reserve’s monthly consumer credit survey.
The G.19 report, released yesterday, shows revolving credit (98 percent of which is credit card debt) in June rose to $968.4 billion, up 57 basis points from $962.9 billion in May. (A basis point is one-hundredth of one percent.)
The increase in consumer credit outstanding, particularly revolving credit, indicates consumers are relying on plastic more often to cover expenses – including rising prices for energy and food, Dennis Moroney, research director at research and advisory services firm TowerGroup, told CCR Newsline last month.
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