In June, consumer credit increased at a seasonally adjusted annual rate of 10.6%. Revolving credit increased at an annual rate of 22%, while nonrevolving credit increased at an annual rate of 7.2%.
For the second quarter, consumer credit increased at a seasonally adjusted annual rate of 8.8%. Revolving credit increased at an annual rate of 10.7%, while nonrevolving credit increased at an annual rate of 8.3%.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 42.5% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.5% and 16.8%, respectively, of outstanding non-revolving credit.
Read the Fed release.
