Consumer credit increased at a seasonally adjusted annual rate of 8.7 percent in the first quarter and 10.1 percent in April. Total outstanding credit increased $38.1 billion during the month to $4.505 trillion.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 19.6 percent to $1.041 trillion, slightly increasing in April. Non-revolving credit rose at a 7.1% annual rate, and total non-revolving credit is now $3.465 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 42.0% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 26.4% and 16.3%, respectively, of outstanding non-revolving credit.
Read the Fed release.