Consumer Credit Growth Increased 5.1 Percent in March

In February, consumer credit increased at a seasonally adjusted annual rate of 5.1%. Revolving credit increased at an annual rate of 2.4%, while nonrevolving credit increased at an annual rate of 5.9%.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 41.4% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.1% and 16.9%, respectively, of outstanding non-revolving credit.

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About Author

Hugo Dante is an economist in Washington, D.C. He was previously an economic research specialist at ABA. In addition to the ABA Banking Journal, his writing has appeared in The Hill, The National Interest and Townhall. Views expressed here are his own.