Consumer credit increased at a seasonally adjusted annual rate of 5.2 percent in August. Total outstanding credit increased $17.9 billion during the month to $4.14 trillion.
Revolving credit, largely a reflection of credit card debt, decreased at an annual rate of -2.2 percent to $1.08 trillion, following a 10.5 percent increase in July. Non-revolving credit rose at a 7.8 percent annual rate, or $19.9 billion. Total non-revolving credit is now $3.06 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 42.3 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.2 percent and 16.7 percent, respectively, of outstanding non-revolving credit.
Read the Fed release.
