Consumer Credit Shrinks in June

Consumer credit decreased at a seasonally adjusted annual rate of 6.75% in the second quarter according to the Federal Reserve. Revolving credit decreased 31.7%, while nonrevolving credit increased 2.0% in the second quarter.

In June, consumer credit increased by 2.6%. Revolving credit fell at a rate of 2.8% to $992 billion, while nonrevolving credit increased 4.3% to $3.1 trillion. Total outstanding credit increased to $4.2 trillion.


Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.1% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.4% and 16.5%, respectively, of outstanding non-revolving credit.


Read the Fed release.