Consumer credit increases in May

Consumer credit increased at a seasonally adjusted annual rate of 8.8% in the first quarter and 5.9% in May. Total outstanding credit increased $22.3 billion during the month to $4.587.9 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 8.1% to $1.112 trillion in May. Non-revolving credit rose at a 5.2% annual rate, and total non-revolving credit is now $3.477 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 26.3% and 16.3%, respectively, of outstanding non-revolving credit.

Read the Fed release.