Consumer credit increased at a seasonally adjusted annual rate of 1.7% in the first quarter according to the Federal Reserve. Revolving credit decreased 10.3%, while nonrevolving credit increased 6.0% in the first quarter.
In March, consumer credit shrank by 3.4%. Revolving credit plummeted at a rate of 30.9% to $1.1 trillion, while nonrevolving credit increased 6.2% to $3.1 trillion. Total outstanding credit decreased to $4.2 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 43.3 percent of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.2 percent and 16.1 percent, respectively, of outstanding non-revolving credit.
Read the Fed release.