Consumer Credit Oozes Up 0.4%
Total consumer credit outstanding increased $11.1 billion (0.4%), to $2.82 trillion, from March to April, according to a Federal Reserve report (link opens a PDF) released today. After bumping up a revised $8.4 billion in March, analysts had expected a larger $14 billion April increase.
A closer look at consumer credit reveals major differences in the margins. Revolving credit (no fixed number of payments, e.g. credit cards) remains erratic with minimal 1% annual gains. At the same time, non-revolving credit (fixed installments, e.g. car payments) has carried credit increases with a 6.4% annual gain. For April, revolving credit flow fell an annualized $10.9 billion, compared with a $111.3 billion positive flow for non-revolving credit.
Source: Federal Reserve
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