This article first appeared on Floating Path.
Total consumer credit outstanding increased at a seasonally adjusted annual rate of 5.4%, or $13.8 billion, in September, the U.S. Federal Reserve reports. Consumer credit totaled $3,051.7 billion during the month.
Revolving credit, which is generally credit cards, decreased at an annual rate of 2.9%, or $2.0 billion, in September. This is the fourth consecutive monthly decrease. Total revolving credit outstanding was $846.9 billion.
Nonrevolving credit, or installment credit, which is primarily student and auto loans, increased at an annual rate of 8.7%, or $15.8 billion, in September. Total nonrevolving credit outstanding was $2,204.8 billion.
This month is just one more in what has a been a string of many where revolving credit has changed little or decreased and nonrevolving credit has charged upwards.