Consumer credit increased at a seasonally adjusted annual rate of 6.9 percent in the fourth quarter and 1.9 percent in January. Total outstanding credit increased $6.8 billion during the month to $4.441 trillion.
Revolving credit, largely a reflection of credit card debt, decreased at an annual rate of 0.3 percent to $1.042 trillion, remaining relatively unchanged in January. Non-revolving credit rose at a 2.5% annual rate, and total non-revolving credit is now $3.399 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 42.6% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 26.0% and 13.8%, respectively, of outstanding non-revolving credit.
Read the Fed release.