Consumer credit decreased in August

Consumer credit decreased at a seasonally adjusted rate of 3.8% in August after increasing 2.7% in July. Total outstanding credit decreased to $4.969 trillion this month.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 13.9% to $1.285 trillion in August. Non-revolving credit decreased at a 9.8% annual rate, and total non-revolving credit is now $3.684 trillion.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 39.5% of nonrevolving credit. Depository institutions and Finance companies are secondary and tertiary holders of non-revolving, with 25% and 18.8%, respectively, of outstanding non-revolving credit.

Read the Fed release.