Consumer credit increased at a seasonally adjusted annual rate of 3.9% in June, down from a revised 5.7% rate in May. Total outstanding credit increased $12.4 billion during the month (compared with $18.3 billion in May) to $3.86 trillion.
Revolving credit grew at an annual rate of 4.9% to $1.0 trillion, compared to an 8.2% increase in May. Non-revolving credit rose at a 3.5% annual rate, or $8.2 billion, compared to May’s rate of $11.5 billion. Total non-revolving credit is now $2.83 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 38.0% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 24.4% and 21.4%, respectively, of outstanding non-revolving credit.
Read the Fed release.