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Growth in Consumer Credit Accelerates

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According to the Federal Reserve Board, growth in the amount of consumer credit outstanding, this includes outstanding credit extended to individuals for household, family, and other personal expenditures, excluding loans secured by real estate, accelerated in April.

According to the release, the amount of consumer credit outstanding increased at a seasonally adjusted annual rate of 4.7 percent in April, 1.1 percentage points higher than the 3.6 percent growth in consumer credit that took place in March. At the end of April the total amount of consumer credit outstanding was $2.8 trillion.

The increase in the amount of consumer credit outstanding reflects an expansion in both the outstanding amounts of non-revolving credit and revolving credit. While growth in non-revolving credit accelerated from the previous month, the monthly increase in revolving credit reversed the decline that took place in March.

The amount of non-revolving credit outstanding, which is mostly composed of student loans and auto loans, rose by 6.4 percent or $124.5 billion on a seasonally adjusted annual basis in April. In March, non-revolving credit rose by 5.7percent. Meanwhile, revolving credit outstanding, which is largely composed of credit cards, rose by 1.0 percent or $8.2 billion on a seasonally adjusted annual basis to $849.8 billion. In March, the amount of revolving credit outstanding fell by 1.3percent.

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