Consumer credit increases in January

Consumer credit increased at a seasonally adjusted annual rate of 3.7% in January and 2.7% in December. Total outstanding credit increased $14.8 billion during the month to $4.80 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 11.1% to $1.21 trillion in December. Non-revolving credit rose at a 1.2% annual rate, and total non-revolving credit is now $3.60 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 26.0% and 15.8%, respectively, of outstanding non-revolving credit.

Read the Fed release.