Consumer Credit Grew 7.3% (SAAR) in June

Consumer credit increased to a seasonally adjusted annual rate (SAAR) of 7.3 percent in June to $3.42 trillion. Revolving credit rose at an annual rate of 7.4 to $906 billion, and non-revolving credit increased at an annual rate of 7.3 percent to $2.51 trillion.

Total outstanding consumer credit increased by $20.7 billion, up from the previous month’s $16.5 billion increase. Total outstanding non-revolving credit increased $15.2 billion, up from $14.9 billion in May. Outstanding revolving credit increased by $5.5 billion – a much faster pace than May’s $1.6 billion.

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.

Read the Federal Reserve release.


About Author

Tim Nicholson

Tim Nicholson is an economic research associate at ABA.