Consumer Credit Growth Accelerates in November

Consumer credit increased at a seasonally adjusted annual rate of 8.8% in November, up from a 6.5% rate in October. Total outstanding credit increased $27.9 billion during the month (compared with $20.6 billion in October) to $3.83 trillion.

Revolving credit, largely a reflection of credit card debt, grew at an annual rate of 13.3% to $1.02 trillion, compared to a 9.9% increase in October. Non-revolving credit rose at a 7.2% annual rate, or $16.7 billion, compared to October’s rate of $12.3 billion. Total non-revolving credit is now $2.80 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 40.6% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.2% and 18.3%, respectively, of outstanding non-revolving credit.

Read the Fed release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.
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