Consumer credit increased at a seasonally adjusted annual rate of 2.6% in April, down from a revised 6.2% rate in March. Total outstanding credit increased $8.1 billion during the month (compared with $19.6 billion in March) to $3.82 trillion.
Revolving credit grew at an annual rate of 1.8% to $1.0 trillion, compared to a 6.5% increase in March. Non-revolving credit rose at a 2.9% annual rate, or $6.6 billion, compared to March’s rate of $14.2 billion. Total non-revolving credit is now $2.81 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 38.7% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 24.5% and 21.4%, respectively, of outstanding non-revolving credit.
Read the Fed release.
