Economic data shows decline in credit card debt
By Jeremy M. Simon | Published: June 15, 2007
According to data released by the Federal Reserve, U.S. consumers appear to have paid off some of their sizable credit card debt in April.
Overall, consumer credit increased at an annual rate of 1.3 percent in April to $2.429 trillion, marking a slowdown from the gain of 7 percent posted in March. The April rise was the smallest since an uptick by 0.1 percent in October 2006.
A decline in credit card debt appeared to influence the deceleration amid overall consumer credit.
Revolving debt, which includes credit cards, dropped 0.5 percent in April to $887.23 billion. That represented the first pullback since March 2006, and indicates that consumers are paying off more credit card debt that they took on.
Some analysts have speculated that consumers are hesitant to take on added debt amid a housing recession.
- Rejection of credit card applications rises, New York Fed survey shows – Consumers got turned down for cards at highest rate since 2015, New York Fed survey says ...
- The history of credit cards – From charge plates to Apple Pay, here's a look back at the many iterations of the credit card over the past 150 years ...
- Fed: Card balances jump $7.3 billion in May – Credit card balances continued their sprint toward an all-time high in May, according to the Federal Reserve ...