Consumer Credit Grew 7.2 Percent (SAAR) in December

Consumer Credit increased in December at a seasonally adjusted annual rate of 7.2 percent, rising $21.3 billion (compared to $14.0 billion in November) to $3.55 trillion.

Revolving credit rose at an annual rate of 7.5 percent and by $15.4 billion (up from $7.7 billion in November) to $935.6 billion.

Non-revolving credit increased at an annual rate of 7.1 percent and by $5.8 billion (down from $6.4 billion in November) to $2.61 trillion.

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

Read the Federal Reserve release.

About Tim Nicholson

Tim Nicholson
Tim Nicholson is an economic research associate at ABA.
More from Tim Nicholson >