Consumer credit increases in December

Consumer credit increased at a seasonally adjusted annual rate of 2.9% in December and 8.4% in November. Total outstanding credit increased $11.7 billion during the month to $4.78 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 7.3% to $1.2 trillion in December. Non-revolving credit rose at a 1.5% 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 41.4% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders of non-revolving, with 26.2% and 15.9%, respectively, of outstanding non-revolving credit.

Read the Fed release.