Boy oh boy! Is it ever going to slow down or go down?
A couple of days ago, the Federal Reserve released the preliminary consumer credit statistics for July, 2007:
- revolving credit rose at an annual rate of 6.6%
- non-revolving credit rose at an annual rate of 1.9%
- overall, consumer credit rose at an annual rate of 3.7%
The total amount outstanding on revolving credit is now estimated at $907.4 billion.
The total amount outstanding on non-revolving credit is now estimated at $1,549.2 billion.
The preliminary figures released last month for June, 2007 were a little off. The actual numbers came out as follows:
- revolving credit rose at an annual rate of 6.4% (8.4% initially reported)
- non-revolving credit rose at an annual rate of 5.6% (5.3% initially reported)
- overall, consumer credit rose at an annual rate of 5.9% (6.50% initially reported)
The total amount outstanding on revolving credit was estimated at $902.4 billion ($903.9 billion initially reported).
The total amount outstanding on non-revolving credit was estimated at $1,546.7 billion ($1,556 billion initially reported).
Once again, we'll have to wait until next month to see how close these preliminary July, 2007 stats compare to the final numbers.
