Still charging: the growth of credit card debt between 1992 and 1995
Between 1991 and 1997, consumer revolving credit outstanding more than doubled - from $247 billion to $514 billion. This rapid rise of consumer debt, especially credit card debt, has generated much discussion about its cause, sustainability, and implications. Peter S. Yoo uses the recently released 1995 Survey of Consumer Finances to update a previous study that separated the growth of credit card debt into its two main components: increases in the number of households with credit cards and increases in average credit card balances. As before, the analysis separates the effects of lower- and upper-income households on the growth of credit card debt over the period studied. The author also compares the growth of credit card debt between 1992 and 1995 to its growth during the other intersurvey years to identify characteristics that may have affected recent growth.
Volume (Year): (1998)
Issue (Month): Jan ()
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- Peter S. Yoo, 1997. "Charging up a mountain of debt: accounting for the growth of credit card debt," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 3-13.
- Robert B. Avery & Gregory E. Elliehausen, 1986. "Financial characteristics of high-income families," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 163-177.
- Rochelle L. Antoniewicz, 1996. "A comparison of the household sector from the Flow of Funds Accounts and the Survey of Consumer Finances," Finance and Economics Discussion Series 96-26, Board of Governors of the Federal Reserve System (U.S.).
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