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.

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Tim Nicholson

Tim Nicholson is an economic research associate at ABA.