WASHINGTON -- Americans tacked an additional $5.6 billion onto their revolving credit balances in January, according to cardweb.com (www.cardweb.com), an Internet site which tracks card trends with government data and its own data.
The site reported that revolving credit has hit a record $947 billion and is increasing at the rate of 7% per year and based on Federal Reserve data, total revolving credit has increased $76 billion in the past year.
Of that total revolving debt bill at the end of 2007, card web reported that bank card debt was about $800 billion and store and gasoline credit cards accounted for another $109 billion.
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