Consumer Credit Growth Strong in February

Consumer credit increased at a seasonally adjusted annual rate of 4.8% in February, up from a 3.5% rate in January. Total outstanding credit increased $15.2 billion during the month (compared with $10.9 billion in January) to $3.79 trillion.

Revolving credit grew at an annual rate of 3.5% to $1.0 trillion, compared to a 3.2% decrease in January. Non-revolving credit rose at a 5.3% annual rate, or $12.3 billion, compared to January’s rate of $13.5 billion. Total non-revolving credit is now $2.79 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 22%, respectively, of outstanding non-revolving credit.

Read the Fed release.