WASHINGTON — Despite a wave of economic and market concern over increased home foreclosures and trouble getting loans, Americans kept spending up in August according to the Federal Reserve.
|Credit taken on revolving accounts like credit cards passed the milestone of $900 billion in June then moved up by $5.6 billion in July and $6.2 billion in August. The total as of August 30 is $915.5 billion, the Fed reported.
|Carddata.com, a Web site that tracks U.S. credit card statistics, reported that $740 billion of that debt was on credit cards issued by financial institutions with the balance in other cards such as those issued by stores and oil companies. According to the Federal Reserve's preliminary August number, revolving consumer debt is growing at the rate of 8.1% per year.
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