Consumer credit increased by $7.4 billion in September according to the Federal Reserve’s G19 report released this afternoon. September’s growth was not enough to offset August’s revised decline of $9.7 billion. This represents the 11th increase consumer credit in the last 12 months.
The rise in consumer credit was driven by an $8 billion increase in non-revolving credit. The increase in non-revolving credit was caused primarily by high September student loans and auto loans. Revolving credit shrunk by $0.6 billion for the third consecutive month, not nearly enough to offset the growth in non-revolving credit.
Read the release.