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Consumer Credit Increases At Annual Rate Of 9.7% In July first appeared on Floating Path
Total consumer credit outstanding increased in July at a seasonally adjusted annual rate of 9.7%, or by $26.0 billion. Consumer credit totaled $3,237.7 billion during the month.
Revolving credit, which is generally credit cards, increased at an annual rate of 10.6%, or by $5.4 billion. Total revolving credit outstanding was $880.5 billion.
Nonrevolving credit, or installment credit, which is primarily student and auto loans, increased at an annual rate of 8.4%, or by $20.6 billion. Total nonrevolving credit outstanding was $2,357.1 billion.
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As noted before, despite the increase this month, revolving credit growth has stagnated since the recession began in 2008.
The chart below shows how the holders of consumer credit outstanding has changed over time.