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U.S. revolving credit, 98% of which is credit card debt, rose slightly in January, to $961.3 billion from $960.4 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, increased at an annual rate of 0.75% in January to $2.56 trillion, the report says. Though outstanding consumer credit experienced a slight up-tick in January, consumer confidence and spending hit new lows in February as more consumers tried to put more savings aside than in previous months, suggests a recent report by Discover Financial Services (CardLine, 3/4). The Riverwoods, Ill.-based company's monthly U.S. Spending Monitor hit an all-time low last month, falling more than two points to 75.7 after showing a slight increase in January. The index was set at 100 when Discover introduced it in 2007. A record high of 82% of consumers in February said they intended to spend the same amount overall during the next month, and 77% said they succeeded in doing so during the previous month.
