Consumer credit increased at a seasonally adjusted annual rate of 6.8% in the third quarter and 6.4% in August. Total outstanding credit increased $25.0 billion during the month to $4.7trillion.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 8.7% to $1.1 trillion in September. Non-revolving credit rose at a 5.7% annual rate, and total non-revolving credit is now 3.5 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 of non-revolving, with 26.3% and 15.7%, respectively, of outstanding non-revolving credit.
Read the Fed release.
