Consumer Credit Grows 7.3 Percent in April

Consumer credit increased at a seasonally adjusted annual rate (SAAR) of 7.3 percent in April to $3.38 trillion. Revolving credit rose at an annual rate of 11.6 percent (to $900 billion) and non-revolving credit increased at an annual rate of 5.8 percent ($2.49 trillion).

Total outstanding consumer credit increased by $20.5 billion, down slightly from the previous month’s increase. Total outstanding non-revolving credit increased by $11.9 billion, while outstanding revolving credit increased by $8.6 billion, up from $4.9 billion in the previous month.

Federal Government holdings of student loans continue to be the largest portion of non-revolving credit, making up 36 percent of outstanding credit. Finance companies and depository institutions are the secondary holders of non-revolving credit, each holding approximately 25 percent. Depository institutions continue to be the primary holder of revolving credit, holding 82 percent.