Consumer credit increased at a seasonally adjusted annual rate of 2.9% in December and 8.4% in November. Total outstanding credit increased $11.7 billion during the month to $4.78 trillion.
Revolving credit, largely a reflection of credit card debt, rose at an annual rate of 7.3% to $1.2 trillion in December. Non-revolving credit increased at an annual rate of 1.5% and total non-revolving credit is now 3.6 trillion.
The federal government’s student loan holdings continue to be the largest portion of nonrevolving credit, comprising 41.4% of outstanding credit. Deposit institutions and financial companies are secondary and tertiary holders of non-revolving loans, with 26.2% and 15.9%, respectively, of current non-revolving loans.
Read the Federal Reserve release.
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