Consumer credit increased at a seasonally adjusted annual rate of 4.1% in June, down from a 6.0% rate in May. Total outstanding credit rose $12.3 billion during the month (compared to $17.9 billion in May) to $3.63 trillion.
Revolving credit rose at an annual rate of 9.7% to $960.8 billion, compared to a 2.2% increase in May.
Non-revolving credit rose at a 2.1% annual rate, or $4.6 billion, compared to May’s rate of 7.3%. Total outstanding non-revolving credit is now $2.67 trillion.
Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 37% or outstanding credit. Depository institutions and finance companies are the secondary and tertiary holders, with 25% and 23%, respectively, of outstanding non-revolving credit.
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