Consumer Credit Growth Picked Up in July

Consumer credit increased at a seasonally adjusted annual rate of 3.6% in July according to the Federal Reserve. Revolving credit decreased at a rate of 0.4% to $994 billion, while nonrevolving credit increased 4.8% to $3.14 trillion. Total outstanding credit increased to $4.13 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 43.2% 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.