Consumer credit increased at a seasonally adjusted annual rate of 4.7% in January after increasing 0.2% in December. Total outstanding credit increased to $5,039.2 billion in January.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 7.6% to $1,327.5 billion in January. Non-revolving credit increased at a 3.6% annual rate, and total non-revolving credit is now $3,711.7 billion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 39.8% of nonrevolving credit. Depository institutions and Finance companies are secondary and tertiary holders of non-revolving credit, with 24.8% and 19.0%, respectively of outstanding non-revolving credit.
Read the Fed release.
