Consumer credit increases in October

Consumer credit increased at a seasonally adjusted annual rate of 6.9% in October and 6.8% in September. Total outstanding credit increased $27.0 billion during the month to $4.73trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 10.4% to $1.2 trillion in October. Non-revolving credit rose at a 5.8% annual rate, and total non-revolving credit is now 3.6 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 26.3% and 15.8%, respectively, of outstanding non-revolving credit.

Read the Fed release.