Consumer credit increases in April

Consumer credit increased at a seasonally adjusted annual rate of 5.7% in April and 5.3% in March. Total outstanding credit increased $23 billion during the month to $4.59 trillion.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 13.1% to $1.53 trillion in February. Non-revolving credit rose at a 3.2% annual rate, and total non-revolving credit is now $3.616 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 31% of outstanding credit. Depository institutions and Credit unions are secondary and tertiary holders of non-revolving, with 19% and 12%, respectively, of outstanding non-revolving credit.

Read the Fed release.