Consumer Credit Outstanding Edges Higher in October


By David Logan on December 11, 2023 • According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $4.99 trillion (seasonally adjusted annual rate) in October, an increase of $5.1 billion over the month and $146.7 billion—or 3.0%–higher than October 2022. The monthly increase resulted from revolving and nonrevolving credit outstanding gaining 0.2% and 0.1%, respectively. The level of revolving debt—primarily credit card debt—rose $2.9 billion over the month and $109.9 billion over the year (SAAR). Revolving debt outstanding has increased each of the past four months, although growth slowed in September and October. Revolving and nonrevolving debt accounted for 26.0% and 74.0% of total consumer debt, respectively.  Although it reached a 32-year low in April 2021, revolving consumer credit as a share of the total has slowly risen to its highest level since November 2018. ‹ Household Real Estate Asset Growth Continues in the Third Quarter of 2023Tags: consumer credit, consumer debt, Federal Reserve, g.19, household balance sheets, nonrevolving credit, nonrevolving debt, revolving credit, revolving debt

Consumer Credit Outstanding Edges Higher in October2023-12-11T14:15:35-06:00

Consumer Debt Grows at Slowest Pace Since 2020


By David Logan on November 8, 2023 • Consumer credit outstanding growth slowed to 0.4% in the third quarter of 2023 (SAAR) according to the Federal Reserve’s latest G.19 Consumer Credit report, as revolving debt grew 8.6% and nonrevolving debt declined 2.4%. On a monthly basis, revolving credit outstanding increased just 3.0% in September after surging 14.6% in August (SAAR). Total consumer credit outstanding stands at $4.98 trillion (break-adjusted[1] and seasonally adjusted), with $1.29 trillion in revolving debt and $3.69 trillion in nonrevolving debt. Seasonally adjusted revolving and nonrevolving debt accounted for 25.9% and 74.1% of total consumer debt, respectively. Revolving consumer credit outstanding as a share of the total increased 0.5 percentage point over the quarter and is the highest since Q1 2019. Auto and Student Loan Debt With every quarterly G.19 report, the Federal Reserve releases a memo item covering student and motor vehicle loans’ outstanding. Together, student and auto loans made up 88.6% of nonrevolving credit balances (NSA)—tied for the smallest share since Q1 2011 and equal to the share one year ago. The balance of student loans decreased 1.6% in the third quarter (not seasonally adjusted), superseding a prior month’s report that showed a $30.0 billion increase. In contrast, the amount of auto loan debt outstanding increased $14.2 billion and stands at $1.53 trillion (NSA).  [1] The results of the 2020 Census and Survey of Finance Companies–delayed by the pandemic–are now incorporated in the Consumer Credit (G.19) statistical releases and include large revisions dating back to June 2021. Rather than retain the large spike in credit that now appears in the raw data, we have used the “break-adjusted” historical time series developed by Moody’s Analytics and will continue to do so moving forward. Click here for more information. Related ‹ Small Jump In Mortgage Activity As Rates DecreaseTags: consumer credit, consumer debt, credit, credit card debt, credit conditions, debt, Federal Reserve, household debt, nonrevolving credit, nonrevolving debt, revolving credit, student loan debt, student loans

Consumer Debt Grows at Slowest Pace Since 20202023-11-08T12:18:34-06:00

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