Consumer Credit increased at a seasonally adjusted annual rate of 10.0% in March, the highest rate since November 2001. Total outstanding credit rose $29.7 billion during the month (compared to $14.1 billion in February) to $3.59 trillion.
Revolving credit rose at an annual rate of 14.2% ($11.1 billion) to $951.6 billion, compared to a 3.7% rate in February. March’s revolving credit growth rate was the highest in 15 years.
Non revolving credit rose at an annual rate of 8.5% or $18.6 billion, compared to February’s increase of 5.2%. Total outstanding non-revolving credit now stands at $2.64 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 37% of outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders, with 25% and 23%, respectively, of outstanding non-revolving credit.
Read the Federal Reserve’s release.
Visit Banks and the Economy.