Consumer credit increases in June

Consumer credit increased at a seasonally adjusted annual rate of 8.7% in the second quarter and 10.5% in June. Total outstanding credit increased $40.1 billion during the month to $4.627 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 14.6% to $1.126 trillion in June. Non-revolving credit rose at a 6.9% annual rate, and total non-revolving credit is now $3.502 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 41.7% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 26.4% and 16.2%, respectively, of outstanding non-revolving credit.

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