Charts of the Week
U.S. Consumer Credit
Chart of the Week for September 15, 2017 - September 21, 2017
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 chart above shows the monthly change in the amount of credit (in billions) from August 2016 through July 2017.
For July 2017, consumer credit grew by $18.5 billion dollars, which was the second-largest monthly gain in 2017 behind February's $18.7 increase. Nonrevolving debt, which includes auto loans, personal and student loans, and other miscellaneous items, was responsible for $15.9 billon of that increase. There has not been a monthly decrease in nonrevolving debt since April 2011. Revolving debt, which includes debit card use for purchases or cash advances, store charge accounts, and check credit plans that allow overdrafts on certain personal accounts, increased by $2.6 billion. For the period show above, consumer credit grew by 5.1%, and economists expect consumer credit balances to maintain a steady pace of growth as confidence in the economy is high and U.S. households have capacity to take on more debt.
Posted by: sarah_oz@yahoo.com
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