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Consumer credit card debt in the U.S. took an unexpected plunge in July, according to data released last week by the Federal Reserve.
Revolving debt at Fed member banks fell at an annual rate of 5.2 percent in July, the largest decline since January of this year. Credit card debt had increased in three of the past four months after more than two years of monthly declines (see data table below).
Banks reported that their outstanding credit card balances had shrunk by $3.4 billion in July to $792.5 billion.
Non-revolving debt – comprised of closed-end credit like auto and student loans – expanded at the most vigorous rate since mid-2008. Banks added $15.4 billion to non-revolving accounts in July, or at an annualized rate of 11.2 percent. The Fed’s report does not include debt backed by real estate.
Total consumer credit outstanding in the U.S. was $2.454 trillion at the end of July.
Seven Years of U.S. Consumer Credit
| Month | Non-Revolving Debt | Credit Card Debt | Change (%) |
|---|---|---|---|
| 2004-05 May | $1,342,750,500,000 | $778,088,650,000 | 0.33 |
| 2004-06 Jun | $1,348,258,190,000 | $779,731,220,000 | 0.21 |
| 2004-07 Jul | $1,351,005,830,000 | $786,087,140,000 | 0.82 |
| 2004-08 Aug | $1,356,423,460,000 | $787,011,660,000 | 0.12 |
| 2004-09 Sep | $1,366,512,480,000 | $793,635,810,000 | 0.84 |
| 2004-10 Oct | $1,380,022,850,000 | $796,696,490,000 | 0.39 |
| 2004-11 Nov | $1,386,561,380,000 | $797,184,970,000 | 0.06 |
| 2004-12 Dec | $1,392,693,990,000 | $799,552,180,000 | 0.30 |
| 2005-01 Jan | $1,392,141,860,000 | $804,635,760,000 | 0.64 |
| 2005-02 Feb | $1,407,451,420,000 | $804,107,290,000 | -0.07 |
| 2005-03 Mar | $1,415,559,220,000 | $804,639,970,000 | 0.07 |
| 2005-04 Apr | $1,421,976,980,000 | $810,558,390,000 | 0.74 |
| 2005-05 May | $1,423,459,970,000 | $809,211,550,000 | -0.17 |
| 2005-06 Jun | $1,433,651,780,000 | $814,181,650,000 | 0.61 |
| 2005-07 Jul | $1,442,322,480,000 | $814,908,460,000 | 0.09 |
| 2005-08 Aug | $1,449,202,470,000 | $817,842,410,000 | 0.36 |
| 2005-09 Sep | $1,451,981,530,000 | $819,651,750,000 | 0.22 |
| 2005-10 Oct | $1,455,760,470,000 | $821,082,670,000 | 0.17 |
| 2005-11 Nov | $1,457,783,190,000 | $825,878,080,000 | 0.58 |
| 2005-12 Dec | $1,461,409,780,000 | $829,518,360,000 | 0.44 |
| 2006-01 Jan | $1,467,131,770,000 | $832,078,640,000 | 0.31 |
| 2006-02 Feb | $1,471,423,650,000 | $835,124,430,000 | 0.37 |
| 2006-03 Mar | $1,471,790,760,000 | $837,083,240,000 | 0.23 |
| 2006-04 Apr | $1,476,244,030,000 | $840,850,120,000 | 0.45 |
| 2006-05 May | $1,481,238,810,000 | $848,172,480,000 | 0.87 |
| 2006-06 Jun | $1,484,253,360,000 | $847,691,620,000 | -0.06 |
| 2006-07 Jul | $1,491,107,020,000 | $849,863,380,000 | 0.26 |
| 2006-08 Aug | $1,495,747,040,000 | $853,756,240,000 | 0.46 |
| 2006-09 Sep | $1,499,273,100,000 | $856,686,320,000 | 0.34 |
| 2006-10 Oct | $1,500,725,010,000 | $860,312,220,000 | 0.42 |
| 2006-11 Nov | $1,509,508,390,000 | $866,636,400,000 | 0.74 |
| 2006-12 Dec | $1,513,880,910,000 | $871,024,510,000 | 0.51 |
| 2007-01 Jan | $1,516,805,870,000 | $872,962,850,000 | 0.22 |
| 2007-02 Feb | $1,521,897,120,000 | $878,314,410,000 | 0.61 |
| 2007-03 Mar | $1,528,995,590,000 | $885,960,030,000 | 0.87 |
| 2007-04 Apr | $1,531,982,800,000 | $890,185,080,000 | 0.48 |
| 2007-05 May | $1,539,555,850,000 | $898,801,520,000 | 0.97 |
| 2007-06 Jun | $1,545,059,170,000 | $903,953,290,000 | 0.57 |
| 2007-07 Jul | $1,551,639,740,000 | $909,316,540,000 | 0.59 |
| 2007-08 Aug | $1,563,071,220,000 | $915,531,210,000 | 0.68 |
| 2007-09 Sep | $1,569,576,390,000 | $920,710,520,000 | 0.57 |
| 2007-10 Oct | $1,571,396,400,000 | $929,576,960,000 | 0.96 |
| 2007-11 Nov | $1,578,518,340,000 | $936,293,870,000 | 0.72 |
| 2007-12 Dec | $1,580,695,890,000 | $941,852,880,000 | 0.59 |
| 2008-01 Jan | $1,580,751,090,000 | $948,467,090,000 | 0.70 |
| 2008-02 Feb | $1,584,910,980,000 | $955,751,170,000 | 0.77 |
| 2008-03 Mar | $1,592,531,340,000 | $961,473,540,000 | 0.60 |
| 2008-04 Apr | $1,601,894,820,000 | $965,516,390,000 | 0.42 |
| 2008-05 May | $1,602,123,390,000 | $966,584,680,000 | 0.11 |
| 2008-06 Jun | $1,606,948,140,000 | $969,603,510,000 | 0.31 |
| 2008-07 Jul | $1,609,768,620,000 | $971,687,210,000 | 0.21 |
| 2008-08 Aug | $1,600,554,890,000 | $972,115,540,000 | 0.04 |
| 2008-09 Sep | $1,602,942,840,000 | $972,203,070,000 | 0.01 |
| 2008-10 Oct | $1,603,555,860,000 | $967,849,190,000 | -0.45 |
| 2008-11 Nov | $1,601,899,330,000 | $962,876,930,000 | -0.51 |
| 2008-12 Dec | $1,604,325,940,000 | $957,484,090,000 | -0.56 |
| 2009-01 Jan | $1,606,014,160,000 | $955,504,310,000 | -0.21 |
| 2009-02 Feb | $1,604,928,200,000 | $946,555,790,000 | -0.94 |
| 2009-03 Mar | $1,600,925,540,000 | $938,252,050,000 | -0.88 |
| 2009-04 Apr | $1,595,711,020,000 | $930,619,330,000 | -0.81 |
| 2009-05 May | $1,597,279,820,000 | $923,305,200,000 | -0.79 |
| 2009-06 Jun | $1,593,004,780,000 | $914,917,700,000 | -0.91 |
| 2009-07 Jul | $1,587,960,130,000 | $908,662,390,000 | -0.68 |
| 2009-08 Aug | $1,591,329,320,000 | $899,700,540,000 | -0.99 |
| 2009-09 Sep | $1,590,475,530,000 | $892,035,490,000 | -0.85 |
| 2009-10 Oct | $1,589,311,510,000 | $885,169,170,000 | -0.77 |
| 2009-11 Nov | $1,582,373,430,000 | $873,853,740,000 | -1.28 |
| 2009-12 Dec | $1,584,649,140,000 | $865,497,830,000 | -0.96 |
| 2010-01 Jan | $1,589,381,520,000 | $856,247,670,000 | -1.07 |
| 2010-02 Feb | $1,586,985,450,000 | $848,732,380,000 | -0.88 |
| 2010-03 Mar | $1,583,779,880,000 | $842,563,180,000 | -0.73 |
| 2010-04 Apr | $1,583,242,070,000 | $832,580,370,000 | -1.18 |
| 2010-05 May | $1,579,979,860,000 | $831,131,000,000 | -0.17 |
| 2010-06 Jun | $1,580,093,890,000 | $826,306,080,000 | -0.58 |
| 2010-07 Jul | $1,580,094,450,000 | $819,347,780,000 | -0.84 |
| 2010-08 Aug | $1,581,732,010,000 | $813,209,330,000 | -0.75 |
| 2010-09 Sep | $1,588,221,150,000 | $805,398,860,000 | -0.96 |
| 2010-10 Oct | $1,597,958,410,000 | $801,545,690,000 | -0.48 |
| 2010-11 Nov | $1,603,978,200,000 | $798,048,770,000 | -0.44 |
| 2010-12 Dec | $1,608,108,650,000 | $800,226,540,000 | 0.27 |
| 2011-01 Jan | $1,614,286,430,000 | $794,655,720,000 | -0.70 |
| 2011-02 Feb | $1,624,345,790,000 | $792,785,390,000 | -0.24 |
| 2011-03 Mar | $1,628,621,410,000 | $792,837,730,000 | 0.01 |
| 2011-04 Apr | $1,634,871,900,000 | $790,302,100,000 | -0.32 |
| 2011-05 May | $1,637,848,280,000 | $793,318,770,000 | 0.38 |
| 2011-06 Jun | $1,646,595,160,000 | $795,921,080,000 | 0.33 |
| 2011-07 Jul | $1,662,003,930,000 | $792,477,440,000 | -0.43 |
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