Consumer credit increases in June

Consumer credit increased at a seasonally adjusted annual rate of 4% in June and 1.8% in May. Total outstanding credit increased to $4.96 trillion during the month.

Revolving credit, largely a reflection of credit card debt, decreased at an annual rate of 0.6% to $1.262 trillion in June. Non-revolving credit increased at a 6.0% annual rate, and total non-revolving credit is now $3.734 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 30% 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.