Consumer Credit Grew 4.5 Percent (SAAR) in April

Consumer credit increased at a seasonally adjusted annual rate of 4.5 percent in April, down from a 9.6 percent increase in March. Total outstanding credit rose $13.4 billion during the month (compared to $28.4 billion in March) to $3.60 trillion.

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Revolving credit rose at an annual rate of 2.1 percent ($1.6 billion) to $951.5 billion, compared to a 13.3 percent increase in March.

Non revolving credit rose at an annual rate of 5.4 percent, or $11.8 billion, compared to March’s increase of 8.2 percent. Total outstanding non-revolving credit now stands at $2.65 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 release.