The Federal Reserve reports that consumer credit in August increased at a seasonally adjusted annual rate of 8%. Revolving credit increased at an annual rate of 6%, and nonrevolving credit increased at an annual rate of 9%.
Total credit outstanding in August was $2,725.6 billion, $854.9 billion of which was revolving credit and the remaining $1,870.7 billion nonrevolving credit.
This equates to a total gain in consumer credit outstanding of $18.1 billion, a $4.2 billion increase in revolving credit and a $13.9 billion increase in nonrevolving credit. A surge in student loans has been pushing consumer credit higher since late 2010, as many of the jobless reconsider their education and qualifications.