Consumer credit increased at a seasonally adjusted annual rate of 8.7% in the second quarter and 8.3% in August. Total outstanding credit increased $32.2 billion during the month to $4.680.2 trillion.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 18.1% to $1,153.9 trillion in August. Non-revolving credit rose at a 5.1% annual rate, and total non-revolving credit is now 3,526.3 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 41.6% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders of non-revolving, with 26.4% and 15.9%, respectively, of outstanding non-revolving credit.
Read the Fed release.
