Consumer credit decreased at a seasonally adjusted annual rate of 2.25% in the third quarter according to the Federal Reserve. Revolving credit decreased at an annual rate of 2.5%, while nonrevolving credit increased at an annual rate of 4.0%. In September, revolving credit increased at an annual rate of 4.7%, while nonrevolving credit increased at an annual rate of 4.6%.
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 25.2% and 16.6%, respectively, of outstanding non-revolving credit.
Read the Fed release.
