U.S. revolving credit, which consists mostly of card-based receivables, increased at a seasonally adjusted annual rate of 5.5 percent in the second quarter, which compared with 1 percent annual growth a year earlier, according to the latest Federal ReserveG.19 report released Aug. 7. June’s 1.3 percent growth was down from May’s 2.4 percent boost.
Consumer credit overall in the second quarter increased at a seasonally adjusted annual rate of 7.75 percent, That compares with a 5.5 percent annual growth rate in the second quarter of 2013, according to the Fed report.
Nonrevolving credit increased at a seasonally adjusted annual rate of 8.75 percent. In June, consumer credit increased at an annual rate of 6.5 percent, down from 7.4 percent annual growth in May.
Total Q2 revolving outstandings were $873.1 billion, up 2.5 percent from $851.5 billion a year earlier. Total nonrevolving outstandings were $2.34 trillion, up 8.3 percent from $2.16 trillion.
The average seasonally adjusted credit card rate plan for all accounts during the quarter was 11.83 percent, down 12 basis points from 11.95 percent a year earlier. For card accounts assessed interest, the average rate was 12.73 percent, down 3 basis points from 12.76 percent.
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