Consumer credit increased at a seasonally adjusted annual rate of 2.2% in September after decreasing 3.8% in August. Total outstanding credit increased to $4.976 trillion this month.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 2.9% to $1.288 trillion in September. Non-revolving credit increased at a 1.9% annual rate, and total non-revolving credit is now $3.689 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 39.6% 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.
