Consumer credit increased in October

Consumer credit increased at a seasonally adjusted annual rate of 1.2% in October after increasing 3.0% in September. Total outstanding credit increased to $4.990 trillion in October.

Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 2.7% to $1.295 trillion in October. Non-revolving credit increased at a 0.7% annual rate, and total non-revolving credit now $3,694 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 24.9% and 18.9%, respectively, of outstanding non-revolving credit.

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