Consumer Credit Grew 6.3% in September

Consumer credit increased at a seasonally adjusted annual rate of 6.3% in September, down from an 8.8% rate in August. Total outstanding credit increased $19.3 billion during the month (compared with $26.8 billion in August) to $3.71 trillion.

Revolving credit rose at an annual rate of 5.2% to $978.8 billion, compared to a 7.0% increase in August. Non-revolving credit rose at a 6.7% annual rate, or $15.1 billion, compared to August’s rate of $21.1 billion. Total non-revolving credit is now $2.73 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 38% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25% and 23%, respectively, of outstanding non-revolving credit.

Read the Fed release.