US Total Consumer Credit Outstanding Increases in October

The Federal Reserve on Thursday (12-7-23) released its latest G.19 Consumer Credit report. According to a review of the data by the National Association of Home Builders (NAHB), total consumer credit outstanding in October reached a seasonally adjusted annual rate (SAAR) of $4.99 billion. This is an increase of $5.1 billion month-over-month and $146.7 billion, or 3.0%, year-over-year.

The NAHB says the monthly increase resulted from a 0.2% increase in revolving credit and 0.1% increase in nonrevolving credit.

The level of revolving debt—predominantly credit card debt—rose $2.9 billion over the month and $109.9 billion over the year (SAAR). Revolving debt outstanding has increased each of the past four months, although growth slowed in September and October.

Revolving debt accounted for 26.0% of total consumer debt, while nonrevolving debt accounted for 74.0% of total consumer debt. Although it reached a 32-year low in April 2021, revolving consumer credit as a share of the total has slowly risen to its highest level since November 2018.