The Federal Reserve on Thursday released its preliminary report on consumer credit for the month of July 2016. On a seasonally adjusted basis, consumer credit rose 5.8% in the month, up from 4.8% growth posted in June. The preliminary June increase of $12.3 billion was revised upward to $14.5 billion.
In dollar terms, consumer credit rose by $17.6 billion month over month. Analysts had been expecting an increase of $16 billion.
Total consumer debt rose to $3.623 trillion in February of which $934.9 billion is revolving (mostly credit card) debt and $2.688 trillion is non-revolving debt. Revolving debt rose by $4.4 billion and non-revolving debt rose by $13.2 billion. Revolving credit comprises primarily credit card balances and non-revolving credit includes motor vehicle loans, student loans, among others, and may be secured or unsecured. Mortgage debt is not included in the report.
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The largest holders of consumer debt are depositary institutions which hold about $1.456 trillion in debt, including certain types of student loans. The federal government holds about $1.006 trillion in total debt, all of which is non-revolving and includes certain kinds of student loans. Finance companies and credit unions are also large holders of non-revolving debt, with July totals of about $613.1 billion and $312.6 billion, respectively.
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