Total Consumer Credit Increases 1.8% in the First Quarter of 2020

According to the Federal Reserve’s latest G.19 Consumer Credit Report there are rising trends in consumer credit, excluding loans secured by real estate, through the first quarter of 2020. In March, consumer credit decreased at a seasonally adjusted annual rate of 3.4%, from the previous month. However, revolving debt decreased by 30.9% and there was an increase in nonrevolving debt by 6.2%. Consumer credit totaled $4.2 trillion on a seasonally adjusted basis, with $1.1 trillion in revolving debt and $3.1 trillion in nonrevolving debt. This is a decrease of $12 billion from the previous month, with revolving debt decreasing by $28.2 billion and non-revolving credit offsetting the decrease by $16.1 billion. The first quarter gains, as a result, were minimal, with total consumer credit increasing by 1.8%. The last time such dramatic monthly decreases were seen was in December 2015.