Last Update: 07-May-19 15:19 ET
- Total outstanding consumer credit increased by $10.3 billion in March (Briefing.com consensus $17.0 billion) after increasing an upwardly revised $15.4 billion (from $15.2 billion) in February.
- Nonrevolving credit increased by $12.4 billion in March to $2,994.9 billion.
- Revolving credit decreased by $2.2 billion to $1,057.2 billion.
- Consumer credit increased at a seasonally adjusted annual rate of 4.25% during the first quarter. Revolving credit increased at an annual rate of 1.50%, while nonrevolving credit increased at an annual rate of 5.25%.
- The key takeaway from the report is that the increase in consumer credit in March was driven entirely by nonrevolving credit, like car loans and student loans.