Nonrevolving Debt Increased in February, The Fed Reports
Nonrevolving Debt Increases as Auto Loan Rates Surge
According to the Federal Reserve’s latest G.19 Consumer Credit report released on Friday (4-7-23), and additional analysis by the National Association of Home Builders, total US consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher than February 2022.
Nonevolving credit outstanding increased to $1.0 billion while the level of revolving debt—primarily credit card debt—fell $13.0 billion over the month. Revolving debt outstanding has declined two consecutive quarters for the first time since late 2020.
The balance of consumer credit outstanding grew 3.8% in February (seasonally adjusted annual rate, or SAAR) after climbing 4.9% in January. Revolving debt increased at a 5.0% rate, while nonrevolving debt (excluding real estate) increased 3.4% (SAAR).
Revolving and nonrevolving debt accounted for 24.5% and 75.5% of total consumer debt, respectively. Between February 2021 and February 2022, revolving consumer credit outstanding as a share of the total increased 0.8 percentage point.
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