Consumer Credit Continues Growth in December

Consumer credit increased at a seasonally adjusted annual rate of 6-1/2 percent in the fourth quarter and 5.0 percent in December. Total outstanding credit increased $16.5 billion during the month to $4.010 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 2.0 percent to $1.04 trillion, following a 5.6 percent increase in November. Non-revolving credit rose at a 6.0 percent annual rate, or $14.9 billion. Total non-revolving credit is now $2.97 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.7 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 24.9 percent and 17.2 percent, respectively, of outstanding non-revolving credit.

Read the Fed release.