Consumer Credit Growth Increased in April

In April, consumer credit increased at a seasonally adjusted annual rate of 5.3%.  Revolving credit decreased at an annual rate of 2.4%, while nonrevolving credit increased at an annual rate of 7.6%.

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 25.2% and 16.8%, respectively, of outstanding non-revolving credit.

Read the Fed release.