Consumer Credit Grew 5.2% in October

Consumer credit increased at a seasonally adjusted annual rate of 5.2% in October, down from a 7.1% rate in September. Total outstanding credit increased $16.0 billion during the month (compared with $21.8 billion in September) to $3.73 trillion.

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Revolving credit rose at an annual rate of 2.9% to $981.3 billion, compared to a 5.0% increase in September. Non-revolving credit rose at a 6.0% annual rate, or $13.7 billion, compared to September’s rate of $17.7 billion. Total non-revolving credit is now $2.75 trillion.

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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 22%, respectively, of outstanding non-revolving credit.

Read the Fed release.

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