Consumer Credit Outstanding Growth Slows in Q3, Federal Reserve’s G.19 Consumer Credit Report Shows

The US Federal Reserve Bank on Tuesday (11-7-23) released its latest G.19 Consumer Credit Report (CCR) for Q3. According to the CCR, with additional analysis provided by the National Association of Home Builders (NAHB), consumer credit outstanding growth slowed to a seasonally adjusted annual rate (SAAR) of 0.4% in Q3. Revolving debt expanded 8.6% and nonrevolving debt declined 2.4%. On a monthly basis, revolving credit outstanding increased just 3.0% in September after soaring 14.6% in August (SAAR).

Total consumer credit outstanding stands at $4.98 trillion (break-adjusted 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, with revolving consumer credit outstanding as a share of the total increasing 0.5 percentage points over the quarter to reach the highest level since 2019Q1.

With every quarterly G.19 report, the Federal Reserve releases a memo covering both student and motor vehicle loans outstanding. Combined, student and auto loans made up 88.6% of nonrevolving credit balances (not seasonally adjusted), tied for the smallest share since 2011Q1 and equal to the share one year ago.