The Fed made substantial revisions to the data from December 2010 onwards, drastically changing the current figures. Following the revisions, total outstanding credit in July was $2.7052 trillion, down $3.3 billion from June’s reading of $2.7085 trillion.
Revolving credit in July was $850.7 billion, down $4.8 billion from June’s reading of $855.5 billion.
Nonrevolving credit in July was $1,854.5 billion, up $1.6 billion from June’s reading of $1,852.9 billion.
Here you can see just what a drastic revision there was in December of 2010, mostly to nonrevolving credit.
Insane revisions aside, July’s consumer credit figures indicate a quiet of month credit card use for shoppers. However shoppers are paying, it was less than usual on plastic.
Nonrevolving credit increased, but only by $1.5 billion, which is substantially below the trend. This is indicative of a slowing in student loans, which can be interpreted as both good and bad.