In December, consumer credit increased at a seasonally adjusted annual rate of 2.8%. In 2020, revolving credit decreased 11.2% and nonrevolving credit increased 3.9%, leaving total consumer credit little changed. Consumer credit increased at a seasonally adjusted annual rate of 2.7% percent in the fourth quarter.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 43.1% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.4% and 16.6%, respectively, of outstanding non-revolving credit.
Read the Fed release.