The U.S. Federal Reserve reports that consumer credit increased at a seasonally adjusted annual rate of +3.4% in March. Revolving credit was at a SAAR of -2.4% during the month, while nonrevolving credit increased at a SAAR of +5.9%.
Total revolving credit outstanding was a seasonally adjusted $846.2 billion in March, down from February’s revised reading of $847.9. This is the first decline in revolving credit in 2013.
Total nonrevolving credit was a seasonally adjusted $1,961.3 billion, up from February’s revised reading of $1,951.6 billion. These auto and student loans continue to push consumer credit higher, although this is at a slower pace than previous months and is the smallest gain in nonrevolving credit since July 2012.
Total outstanding consumer credit was a seasonally adjusted $2,807.5 billion, up from February’s revised reading of $2,799.5 billion.