Revolving debt on US credit cards rose by over 11% in May
2012, according to a Federal Reserve report.
The FED G. 19 consumer credit report
shows revolving debt, almost entirely constituted of credit card
debt, rising to $870.2 billion.
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Industry analysts put this
higher-than-expected increase down to improved consumer confidence,
but are cautious as to whether this will continue considering the
unpredictable economic outlook.
“Consumers were still feeling pretty good in
May, so it is not surprising that they decided to take on some more
credit card debt,” IHS Global Insight’s Paul Edelstein told US
media.
The analyst then added consumer confidence
took a hit in June as employment figures and stock market concerns
are likely to rekindle consumers’ concerns.
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By GlobalData
