Consumer Credit Growth Slowed in June

Consumer credit increased at a seasonally adjusted annual rate of 3.1 percent in June, down from a 7.5 percent rate in May. Total outstanding credit increased $10.2 billion during the month (compared with $24.3 billion in May) to $3.91 trillion.

Revolving credit, largely a reflection of credit card debt, decreased at an annual rate of 0.2 percent to $1.04 trillion, following an 11.2 percent increase in May. Non-revolving credit rose at a 4.4 percent annual rate, or $10.4 billion. Total non-revolving credit is now $2.87 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.5 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.1 percent and 17.6 percent, respectively, of outstanding non-revolving credit.

Read the Fed release.