Consumer Credit Grew 5.8 Percent (SAAR) in February

Consumer Credit increased at a seasonally adjusted annual rate of 5.8 percent in February, rising $17.2 billion (compared to $14.9 billion in January) to $3.57 trillion.

Revolving credit rose at an annual rate of 3.7 percent ($2.9 billion) to $940.6 billion, compared to a 0.3 percent decrease in January.

Non-revolving credit increased at an annual rate of 6.6 percent, or $14.3 billion, compared to January’s increase of 7.0 percent. Total outstanding non-revolving credit now stands at $2.63 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 37 percent of outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders, with 25 percent and 23 percent, respectively, of outstanding non-revolving credit.

Read the Federal Reserve’s release.