Credit Card Debt Jumps in March
Consumers are borrowing once again.
The latest Consumer Credit report from the Federal Reserve showed that consumer debt grew at an annual rate of 7.4% in March, which is the largest increase in 11 months. Total outstanding debt, not including mortgages, saw a $20.5 billion increase in March to $3.363 trillion.
Revolving credit, which is made up mostly of credit card debt, jumped $4.4 billion, after declines in both January and February. This was the largest increase since July of last year and represented an annualized increase of 5.9% Revolving credit now totals $889.4 billion.
But credit card debt actually fell during the first quarter of 2015. Revolving credit was down at an annualized rate of 0.3% in the first quarter.