Consumer credit increased by $7.7 billion in October to $2.5 trillion, its highest level in two years, according to the Federal Reserve’s G19 report released this afternoon. This continues with recent trends that have seen consumer credit rise in nine out of the last ten months.
The increase in credit was driven primarily by an increase in non-revolving credit which grew by $7.3 billion. This includes categories such as auto and student loans. In October, revolving credit, which includes credit cards, gained $400 million. Throughout most of the year we have seen gains primarily in non-revolving credit.
Read the report.