Consumer Credit Growth Increased in May

In May, consumer credit increased at a seasonally adjusted annual rate of 10.0%.  Revolving credit decreased at an annual rate of 11.4%, while nonrevolving credit increased at an annual rate of 9.5%.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 42.7% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.3% and 16.8%, respectively, of outstanding non-revolving credit.

Read the Fed release.