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Article: REVOLVING CREDIT STRONG AS CONSUMERS SHIFT FROM HOME EQUITY LOANS.(consumer credit)(Brief article)(Statistical data)
- Article from:
- Cardline
- Article date:
- August 11, 2006
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Revolving credit outstanding grew $820.7 billion in June for a 9.8% annual pace, according to the Federal Reserve's monthly report on consumer credit. The growth was off from the blistering 11% rate in seen May but more than double the 4.0% pace seen in April. The revolving credit figures cover credit card debt. All consumer borrowing rose 5.7% in June, well up from the 3.3% figure for May. Total consumer borrowing including non-revolving debt reached $2.19 trillion in June. The jump in revolving credit reflects increased consumer use of credit cards instead of home equity loans, David Wyss, chief economist with Standard & Poor's, tells CardLine. "I think you're going to ...