Consumers continued to increase ever so slightly their use of credit cards in February. Revolving credit rose an adjusted .7%, to $799 billion, the fourth increase in four months.
Consumers have apparently had enough of “deleveraging” — the paying down of debt that was has taken place over the last four years. However, the slow pace at which they are adding on debt indicates it is unlikely they will rack up charges as quickly as they did before the recession. Revolving credit remains well off its high of $972 billion reached in late 2008.
Total indebtedness grew slightly in February, however. Overall consumer debt, which includes student loans, auto loans and mortgages, increased 4.3% compared to a year-ago, and now totals $2.5 trillion.
