New Federal Reserve data out shows consumers decreased revolving credit debt by 5.1 percent in June 2012. However, non-revolving debt, that has student loans as a component, rose by 3 percent.
Overall, outstanding revolving consumer credit dropped from $868.3 billion to $864.6 billion.
The biggest pullback in issuance of revolving consumer credit came from depository institutions. Credit unions picked up 2.1 percent.
The chart below shows the level of seasonally adjusted revolving debt between 2/13/2009 to 6/30/2012.
Consumers Pull Back on Revolving Credit in June by Steve Rhode
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