Friday, August 06, 2010

Consumer Credit Declines in June

by Bill McBride on 8/06/2010 03:05:00 PM

The Federal Reserve reports:

Consumer credit decreased at an annual rate of 3-1/4 percent in the second quarter. Revolving credit decreased at an annual rate of 9-1/2 percent, and nonrevolving credit was about unchanged. In June, consumer credit decreased at an annual rate of 3/4 percent, revolving credit decreased at an annual rate of 6-1/2 percent, and nonrevolving credit increased at an annual rate of 2-1/2 percent..
Consumer Credit Click on graph for larger image in new window.

This graph shows the increase in consumer credit since 1978. The amounts are nominal (not inflation adjusted).

Revolving credit (credit card debt) is off 15.3% from the peak. Non-revolving debt (auto, furniture, and other loans) is off 1.0% from the peak. Note: Consumer credit does not include real estate debt.