The latest Federal Reserve Consumer Credit release is out and while consumer debt levels increased at an annual rate of 3 percent in the last reported month, April, the bad news is that the rise is fueled by non-revolving student loans, auto loans, etc.
Revolving debt continued it’s fall but at a slower pace of an annual rate of negative 1.4 percent. The amount of revolving debt current stands at $790.1 billion.
The data shows only a small increase in revolving debt by savings institutions while credit unions remain the same and commercial banks pulled back a bit.
The chart above shows the rate of decline in outstanding consumer debt is slowing (blue) and the decrease in outstanding consumer debt is flattening out a bit (red).
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