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.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.