U.S. consumer revolving credit for February, mostly credit card debt, topped the $1 trillion record set in December, growing at a solid clip annually. While climbing steadily throughout 2016, consumer credit increased at a 3.5% annual rate of growth in February, compared to a revised -3.2% annual rate in January and a revised +3.1% annual rate in December, according to CardData.
Overall consumer credit increased at a seasonally adjusted annual rate of +4.8% in February. Non-revolving credit increased at an annual rate of +5.3%.
Total revolving credit for February posted at $1000.4 billion, compared to a revised $997.4 billion in November, and a revised $1000.1 billion in December, according to the Federal Reserve.
On a quarterly basis U.S. revolving consumer credit is growing by 7.9% year-on-year to $1000.1 billion for 4Q/16, compared to $980.7 billion for 3Q/16, and $938.8 billion for 4Q/15.
Total consumer credit, at the end of February, stood at $3791.8 billion.
U.S. CONSUMER REVOLVING CREDIT
4Q/15: $938.8 billion
1Q/16: $953.2 billion
2Q/16: $968.1 billion
3Q/16: $980.7 billion
4Q/16: $1000.1 billion
Source: Federal Reserve
New and Revised Data as of 4/7/17