Tuesday, March 11, 2014

Consumer Credit Grew $13.7 Billion in January

Consumer credit increased by $13.7 billion in January, slower than December’s pace. Growth in consumer credit continues to be driven by student loans. Revolving balances shrunk in January, continuing their trend of uneven performance. Households still remain hesitant to take on credit card debt.

Revolving consumer credit shrank by $0.2 billion in September, but did not shrink enough to offset December’s gain. Revolving credit has now shrunk in three of the past five months. Revolving balances have been slow to recover, and remain 0.3% below its year ago level.

Non-revolving balances continued to drive growth in December, rising $13.9 billion. Non-revolving balances consist mostly of student and auto loans. Non-revolving balances have grown since August 2011.

Read the Federal Reserve release.

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