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U.S. revolving credit, 98% of which is credit card debt, decreased 0.57% in June, to $917 billion from $922.3 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 4.9% in June, to $2.5 trillion, the report states. Whereas revolving credit fell in June, the percentage of consumers who expressed concern regarding the economy continued to trend upward in July, according to survey data Discover Financial Services released last week (CardLine 8/5). The Riverwoods, Ill.-based company's U.S. Spending Monitor last month fell to 83.5 from 85.6 in June and from 86.2 in May. Discover set the index at 100 when it introduced it in May 2007. Some 61.2% of 8,200 consumers surveyed in July said economic conditions were poor, two percentage points higher than the previous month. The percentage of respondents who said they thought the economy was getting worse increased to 52.1% from 49% who said so in June.
