U.S. Consumer Credit
Chart of the Week for November 11, 2016 - November 17, 2016
On a monthly basis, the U.S. Federal Reserve Board publishes data on consumer credit based on a survey of commercial banks, consumer finance companies, credit unions, and retailers. The report represents loans for households, for financing purchases of goods and services as well as refinancing existing consumer debt. The two categories of debt recorded are revolving and non-revolving. The chart above shows the monthly change in the amount of credit (in billions) from October 2015 through September 2016.
Consumer credit balances rose by $19.3 billion in September 2016, with non-revolving balances (auto loans, personal and student loans and other miscellaneous items) increasing $15.1 billion and revolving balances (credit cards, store charge accounts, and certain check credit plans) increasing $4.2 billion. It grew every month over the last twelve months and rose 6.3% over the twelve month period ended September 2016. Some economists expect non-revolving balances continuing to grow, as low interest rates encourage consumers to borrow for larger purchases such as education, vehicles, and real estate. Economists also note that consumers may increase revolving credit, but savings from lower gasoline prices and continuing wage growth are allowing some revolving credit balances to be paid down.
Posted by: sarah_oz@yahoo.com
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