Consumer Credit increased at a seasonally adjusted annual rate of 3.6 percent in January, rising $10.5 billion (compared to $6.4 billion in December) to $3.54 trillion.
Revolving credit fell at an annual rate of 1.4 percent ($1.1 billion) to $935.3 billion, marking the first decline in revolving credit since February of 2015.
Non-revolving credit increased at an annual rate of 5.4 percent, or $11.6 billion, compared to December’s increase of $900 million. Total outstanding non-revolving credit now stands at $2.61 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 37 percent of outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders, with 25 percent and 24 percent, respectively, of outstanding non-revolving credit.
Read the Federal Reserve’s release.
Visit the new Banks and the Economy