Consumer credit growth increases

In October, consumer credit increased at a seasonally adjusted annual rate of 2.1%. Revolving credit decreased at an annual rate of 6.7%, and nonrevolving credit increased at an annual rate of 4.8%.

Federal government holdings of student loans continue to be the largest portion of non-revolving credit, comprising approximately 43.2% of outstanding credit. Depository institutions and finance companies are secondary and tertiary holders, with 25.2% and 16.6%, respectively, of outstanding non-revolving credit.