Consumer Credit Growth Picked Up in July

Consumer credit increased at a seasonally adjusted annual rate of 5.1 percent in July, up from a 2.6 percent rate in June. Total outstanding credit increased $16.6 billion during the month (compared with $8.5 billion in June) to $3.92 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 1.5 percent to $1.04 trillion, following a 1.4 percent decrease in June. Non-revolving credit rose at a 6.4 percent annual rate, or $15.4 billion. Total non-revolving credit is now $2.88 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 25.2 percent and 17.6 percent, respectively, of outstanding non-revolving credit.

Read the Fed release.