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U.S. revolving credit, 98% of which is credit card debt, decreased 0.3% in May, to $928 billion from $930.9 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released yesterday. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 1.5% in May, to $2.52 trillion, the report states. Although revolving consumer credit declined in May, credit card delinquencies rose to 4.75% of total card loans during the first quarter ended March 31 from 4.52% the previous quarter (CardLine 7/8). The card-delinquency rate was 4.51% for the first quarter of 2008, according to a report by the American Bankers Association. The association's report defines delinquencies as payments 30 days past due.
