by Calculated Risk on 7/08/2010 06:51:00 PM
Thursday, July 08, 2010
Consumer Credit declines sharply in May
The Federal Reserve reports:
Consumer credit decreased at an annual rate of 4-1/2 percent in May 2010. Revolving credit decreased at an annual rate of 10-1/2 percent, and nonrevolving credit decreased at an annual rate of 1-1/2 percent.
![Consumer Credit](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyEre1UUmik6FWE4VOAwZktEN9xoAVWGMwV8bb-xYu8VVUv8evdrjitkF0dvFs07F4sgn268wcv5W4L4pfI0JQKOhuL5u0v52puIEasV31yIJl53dPrz_y4WhrX_QHeDEuwp35/s320/ConsumerCreditMay2010.jpg)
This graph shows the year-over-year (YoY) change in consumer credit. Consumer credit is off 3.9% over the last 12 months.
Revolving credit (credit card debt) is off 14.9% from the peak. Non-revolving debt (auto, furniture, and other loans) is off 1.5% from the peak. Note: Consumer credit does not include real estate debt.
Still working down the debt ... also the previously reported slight increase in April was revised to a $14.9 billion decrease in credit.