Consumer Credit Grew at 10.0 Percent (SAAR) in September

Consumer credit increased in September at a seasonally adjusted annual rate of 10.0 percent, rising to $3.50 trillion. Revolving credit rose at an annual rate of 8.7 percent to $925 billion, and non-revolving credit increased at an annual rate of 10.5 percent to $2.57 trillion.

Total outstanding consumer credit increased $28.9 billion, up from August’s $16.0 billion increase. Total outstanding non-revolving credit increased $22.2 billion, up from a $12.0 billion increase in the previous month. Outstanding revolving credit grew by $6.7 billion, up from $4.0 billion in August.

Federal Government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 36 percent of outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders of non-revolving credit, holding 25 percent and 24 percent respectively. Depository institutions continue to be the primary holder of revolving credit, holding 83 percent.

Read the Federal Reserve release.


About Author

Tim Nicholson

Tim Nicholson is an economic research associate at ABA.