Consumer Credit Growth Slowed in September

Consumer credit increased at a seasonally adjusted annual rate of 3.3 percent in September, down from an upwardly revised 7.0 percent rate in August. Total outstanding credit increased $11.0 billion during the month (compared with $22.8 billion in August) to $3.95 trillion.

Revolving credit, largely a reflection of credit card debt, decreased at an annual rate of 0.4 percent to $1.04 trillion, following a 5.3 percent increase in August. Non-revolving credit rose at a 4.7 percent annual rate, or $11.2 billion. Total non-revolving credit is now $2.91 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.9 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 24.9 percent and 17.3 percent, respectively, of outstanding non-revolving credit.

Read the Fed release.

About Jack McCabe

Jack McCabe is a research associate in the Economic Policy and Research group at the ABA.
More from Jack McCabe >