Consumer credit increases in May

Consumer credit increased at a seasonally adjusted annual rate of 1.8% in May and 5.7% in April. Total outstanding credit increased to $4.8 trillion during the month.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 8.2% to $1.25 trillion in May. Non-revolving credit decreased at a 0.4% annual rate, and total non-revolving credit is now $3.611 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.