Consumer credit increased at a seasonally adjusted annual rate of 2.2% in October. Total outstanding credit increased to $5,084.1 trillion during the month, up 0.2% from September’s revised total of $5,074.9 trillion.
Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 4.9% to $1.316.8 trillion. Non-revolving credit increased at an annual rate of 1.2% to $3,767.3 trillion.
The Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising 41.6% percent of non-revolving credit. Depository institutions and Finance companies are secondary and tertiary holders of non-revolving credit, with 22.5% and 18.6%, respectively of non-revolving credit.
Read the Fed release.
