Consumer Credit Grew 6.2% (SAAR) in May

Consumer credit increased at a seasonally adjusted annual rate of 6.2% in May, up from a 4.5% rate in April. Total outstanding credit rose $18.6 billion during the month (compared to $13.4 billion in April) to $3.62 trillion.

Revolving credit rose at an annual rate of 3.0% ($2.4 billion) to $953.3 billion, compared to a 1.7% annual increase in April.

Non revolving credit rose at an annual rate of 7.3%, or $16.2 billion, compared to April’s 5.5% rate. Total outstanding non-revolving is now $2.67 trillion.

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

Read the Federal Reserve release.