Consumer Credit Hits $2.85 Trillion for Q2
Total consumer credit outstanding increased $13.8 billion to $2.848 trillion for June, according to a Federal Reserve Consumer Credit report (link opens a PDF) released today.
After bumping up a revised $17.5 billion for May, analysts had expected a downturn, but their $15 billion estimate proved too optimistic for this month's report.
Revolving credit (no fixed number of payments, e.g., credit cards) tapered off a seasonally adjusted 3.8% after May's 9.1% increase equated to the largest month-to-month gain in a year's time.
Non-revolving credit (fixed installments, e.g., car payments) put in another month of consistent growth, increasing a seasonally adjusted 10% on top of May's 6.8% boost.
With June's report in, Q2 estimates are now present and accounted for. Overall credit outstanding increased a seasonally adjusted 5.9%, with most growth originating from non-revolving credit gains. While revolving credit headed just 2.1% higher, nonrevolving credit registered a 7.5% increase.
Editor's note: A previous version of this article incorrectly labeled a Q2 7.5% increase in nonrevolving credit as an increase in revolving credit. The Fool regrets the error.
The article Consumer Credit Hits $2.85 Trillion for Q2 originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.