Consumer Credit Growth Strong in March

Consumer credit increased at a seasonally adjusted annual rate of 5.2% in March, up from a revised 4.4% rate in February. Total outstanding credit increased $16.4 billion during the month (compared with $13.8 billion in February) to $3.81 trillion.

Revolving credit grew at an annual rate of 2.4% to $1.0 trillion, compared to a 2.0% increase in February. Non-revolving credit rose at a 6.2% annual rate, or $14.5 billion, compared to February’s rate of $12.1 billion. Total non-revolving credit is now $2.81 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 39% 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.