by Calculated Risk on 8/06/2010 03:05:00 PM
Friday, August 06, 2010
Consumer Credit Declines in June
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](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-jN2VgDuujYNXLJFytO7HM88pnxVkUNDD_pbpx0z9wpUYEcDc1P1NwT_a5Gpdx2XugwSqapVxlXfpz2OnXHgqEG5DIcV2UK8QHyO4bqSi4smEB_TbgmtSbgBZiBdDqGnTVwl4/s320/ConsumerCreditJune2010.jpg)
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.