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U.S. revolving credit, 98% of which is credit card debt, decreased 1.1% in September, to $889 billion from $898.9 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released Friday. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 7.25% in September, to $2.46 trillion, the report states. Credit card performance in October was varied as consumers continued to bear high unemployment rates and a lack of available credit, according to Fitch's Prime Credit Card Index results (CardLine, 11/2). Charge-offs on prime credit card portfolios in October fell to 10.75% of outstanding receivables, 77 basis points lower than the previous month's 11.52%, Fitch says. Delinquencies in excess of 60 days reversed their downward trend in October, increasing to 4.22%, 16 basis points higher than September's rate of 4.06%, according to Fitch.
