US Outstanding Consumer Credit Increases in Q1

According to the Federal Reserve’s G.19 Consumer Credit report, with additional analysis from NAHB, total outstanding US consumer credit reached $5.14 trillion in Q1, increasing 3.25% at a seasonally adjusted annual rate from the previous quarter. Year-over-year, consumer credit rose 2.63%, the strongest annual increase in nine quarters.

Nonrevolving credit, which primarily includes student and auto loans and excludes mortgages, totaled $3.80 trillion on a seasonally adjusted basis in Q1. The category increased 3.02% at a seasonally adjusted annual rate from the prior quarter and was up 2.34% from a year earlier.

Revolving credit, primarily credit card balances, rose to $1.34 trillion on a seasonally adjusted basis in Q1. This represented a 3.88% increase at a seasonally adjusted annual rate from the prior quarter and a 3.46% year-over-year increase.