Consumer credit increased at a seasonally adjusted annual rate of 4.5% in April, down from a 9.6% increase in March. Total outstanding credit rose $13.4 billion during the month (compared to $28.4 billion in March) to $3.60 trillion.
Revolving credit rose at an annual rate of 2.1% ($1.6 billion) to $951.5 billion, compared to a 13.3% increase in March.
Non revolving credit rose at an annual rate of 5.4%, or $11.8 billion, compared to March’s increase of 8.2%. Total outstanding non-revolving credit now stands at $2.65 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 release.
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