ATLANTA (8/30/13)--The total balance of credit cards increased in the year ending in July to $533.6 billion from $533.3 billion, the first year-over-year increase in five years, according to Equifax's latest National Consumer Trends Report.
"Only two major consumer credit segments are currently growing: auto financing and student loans," said Equifax Chief Economist Amy Crews Cutts. "In all other segments, consumers are reducing their debt burdens, either negatively, through foreclosures and bankruptcies, or positively, through payoffs--payoffs are dominating in most cases today.
"We expect mortgage balances to begin rising again over the next several months as new home purchase loans overtake foreclosures and payoffs," she said.
Other year-over-year changes in balances include:
Other highlights from the data include: