Consumer Credit Growth Slowed in March

Consumer credit increased at a seasonally adjusted annual rate of 3.6% in March, down from a 4.3% rate in February. Total outstanding credit increased $11.7 billion during the month (compared with $13.6 billion in February) to $3.87 trillion.

Revolving credit, largely a reflection of credit card debt, declined at an annual rate of 3.0% to $1.03 trillion, compared to a 0.6% decrease in February. Non-revolving credit rose at a 6.0% annual rate, or $14.2 billion. Total non-revolving credit is now $2.85 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.5% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.0% and 17.7%, 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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