Consumer credit increased in November at a seasonally adjusted annual rate of 4.8 percent, rising to $3.53 trillion. Revolving credit rose at an annual rate of 7.4 percent to $929 billion, and non-revolving credit increased at an annual rate of 3.8 percent to $2.60 trillion.
Total outstanding consumer credit increased $14.0 billion, down from a $15.6 billion increase in October. Total outstanding non-revolving credit increased by $8.3 billion, down from last month’s increase of $15.5 billion. Outstanding revolving credit grew by $5.7 billion, after remaining virtually unchanged in October.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 36 percent of outstanding credit. Depository and institutions and finance companies are the secondary and tertiary holders, holding 25 percent and 24 percent of outstanding non-revolving credit.
Read the Federal Reserve release.
