U.S. consumer revolving credit for May, mostly credit card debt (95%), continued to climb above the $1 trillion milestone set in December, growing at a solid clip annually. While climbing steadily throughout 2016, consumer revolving credit increased at an +8.7% annual rate of growth in May, compared to a revised +1.4% annual rate in April and a revised +3.7% annual rate in March, according to CardData.
Non-revolving credit increased at an annual rate of +4.7% in May.
Total revolving credit for May posted at $1018.5 billion, compared to a revised $1009.1 billion in April, and a revised $1010.0 billion in March, according to the Federal Reserve.
On a quarterly basis U.S. revolving consumer credit is growing by +6.0% year-on-year to a revised$1010.0 billion for 1Q/17, compared to a revised $998.7 billion for 4Q/16, and $953.2 billion for 1Q/16.
Total consumer credit, at the end of May, stood at $3842.6 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
1Q/17: $1009.1 billion
Source: Federal Reserve; CardData
New and Revised Data as of 7/10/17
Meanwhile, U.K. consumer credit growth remained strong again in April, despite the swirling Brexit uncertainty, and after rising in February to its highest annual growth rate of the past twelve months. The year-on-year (YOY) rise jumped 60 basis points (bps) in April, according to CardData.
In April total consumer credit grew to £198.4 billion. The three-month annualized and twelve-month growth rates, seasonally adjusted (SA), were 10.2% and 10.3% respectively. The Bank of England (BOE) reports consumer credit increased by £1.0 billion in April, inline with the average over the previous six months.
Within consumer credit, credit card lending increased by £0.5 billion in April, compared to an average of £0.5 billion over the prior six months. Other loans and advances increased by £1.0 billion, compared to the average of £1.0 billion over the previous six months.
According to new and revised BOE data credit card lending settled at £68.1 billion for a 9.7% YOY gain in April.
CREDIT CARD LOANS
(seasonally adjusted)
Apr 2016: £64.5 billion +7.1%
May 2016: £64.8 billion +7.5%
Jun 2016: £65.1 billion +8.1%
Jul 2016: £65.5 billion +8.1%
Aug 2016: £65.7 billion +8.1%
Sept 2016: £65.8 billion +8.4%
Oct 2016: £66.2 billion +9.0%
Nov 2016: £66.6 billion +9.1%
Dec 2016: £66.6 billion +8.7%
Jan 2017: £67.0 billion +8.6%
Feb 2017: £67.3 billion +9.3%
Mar 2017: £67.7 billion +8.9%
Apr 2017: £68.1 billion +9.7%
OTHER LOANS/ADVANCES (seasonally adjusted)
Apr 2016: £118.9 billion +11.1%
May 2016: £119.7 billion +11.4%
Jun 2016: £120.8 billion +11.5%
Jul 2016: £121.2 billion +11.3%
Aug 2016: £122.4 billion +11.7%
Sept 2016: £123.4 billion +11.5%
Oct 2016: £124.2 billion +11.5%
Nov 2016: £125.8 billion +11.8%
Dec 2016: £126.4 billion +11.6%
Jan 2017: £127.4 billion +11.6%
Feb 2017: £128.7 billion +11.1%
Mar 2017: £129.7 billion +10.9%
Apr 2017: £130.3 billion +10.7%
TOTAL CONSUMER CREDIT
(seasonally adjusted)
Apr 2016: £183.4 billion +9.7%
May 2016: £184.5 billion +10.0%
Jun 2016: £186.0 billion +10.3%
Jul 2016: £186.7 billion +10.1%
Aug 2016: £188.1 billion +10.4%
Sept 2016: £189.2 billion +10.4%
Oct 2016: £190.4 billion +10.6%
Nov 2016: £192.4 billion +10.8%
Dec 2016: £193.0 billion +10.6%
Jan 2017: £194.4 billion +10.5%
Feb 2017: £196.1 billion +10.5%
Mar 2017: £197.3 billion +10.2%
Apr 2017: £198.4 billion +10.3%
Source: Bank of England; CardData.com
New and Revised figures as of 7/5/17
Note: Lending to individuals is split between lending secured on dwellings (mortgages) and consumer credit. Consumer credit is further split between credit card debt and other loans and advances. Student loans are excluded.
