Consumer credit increased at a seasonally adjusted annual rate of 5.8% in July, up from a 4.8% rate in June. Total outstanding credit rose $17.7 billion during the month (compared with $14.5 billion in June) to $3.66 trillion.
Revolving credit rose at an annual rate of 3.5% to $969.0 billion, compared to an 11.5% increase in June. Non-revolving credit rose at a 6.7% annual rate, or $14.9 billion, compared to June’s rate of 2.4%. Total outstanding non-revolving credit is now $2.69 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.