Consumer Credit Continues Growth in January

Consumer credit increased at a seasonally adjusted annual rate of 5 percent in January. Total outstanding credit increased $17.0 billion during the month to $4.034 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 3.0 percent to $1.06 trillion, following a 1.2 percent increase in December. Non-revolving credit rose at a 6.0 percent annual rate, or $14.5 billion. Total non-revolving credit is now $2.98 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 42.1 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 24.6 percent and 17.1 percent, respectively, of outstanding non-revolving credit.

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About Author

Hugo Dante

Hugo Dante is a research associate in the Economic Policy and Research group at the ABA.