Consumer credit increased at a seasonally adjusted rate of 2.5% in July and 3.4% in June. Total outstanding credit increased to $4.98 trillion during the month.
Resolving credit, largely a reflection of credit card debt, increased at an annual rate of 9.2% to $1.270 trillion in July. Non-revolving credit increased at a 0.2% annual rate, and total non-revolving credit is now $3.714 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 40% of nonrevolving credit. Depository institutions and Finance companies are secondary and tertiary holders of non-revolving, with 24.8% and 18.5%, respectively, of outstanding non-revolving credit.
Read the Fed release.
Jigar Gohel
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