Consumer Credit Growth Slowed in April

Consumer credit increased at a seasonally adjusted annual rate of 2.9 percent in April, down from a 3.8 percent rate in March. This was the slowest pace in seven months. Total outstanding credit increased $9.2 billion during the month (compared with $12.3 billion in March) to $3.88 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 2.2 percent to $1.03 trillion, following a 1.1 percent decrease in March. Non-revolving credit rose at a 3.0 percent annual rate, or $7.0 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 41.4 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.0 percent and 17.7 percent, 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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