IMGCAP(1)]
Processing Content
U.S. revolving credit, 98% of which is credit card debt, fell slightly in August, to $969 billion from $969.6 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released this week. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 3.7% in August to $2.58 trillion, the report says. The American Bankers Association reported bankcard delinquencies of 4.54% of total loans for the second quarter ended June 30, up three basis points from 4.51% in the previous quarter (CardLine, 10/7). The credit card delinquency rate was 4.39% for the second quarter of 2007.
