U.S. revolving consumer credit outstanding headed south in January declining 1.6% to $887.9 billion, following an 8.4% YOY gain in the holiday shopping-fueled month of December.
According to the Federal Reserve, during 2014 revolving consumer credit outstanding rose from $857.6 billion on Jan 1st to $889.0 billion on Dec 31st.
However, aggregate U.S. bank credit card outstandings for the nation’s four largest issuers declined 1.4% year-on-year (Y/Y) in the fourth quarter. Growth has been essentially flat over the past two years, according to CardData.
Furthermore, notes CardData, among the nation’s top four Visa (VS) and MasterCard (MC) issuers, who control about half of the total U.S. bank credit card market, fourth quarter (Q4/14) end-of-period (EOP) aggregate outstandings were $360 billion.
The Federal Reserve also reported non-revolving consumer credit outstanding (mostly auto and mobile home loans) reached $2440.0 in January, a 6.3% gain YOY.
At the end of January, Americans owed $3392.7 billion in total consumer credit exclusive of home loans.
Revolving Consumer Credit Historical
Q4/13: $857.6 billion
Q1/14: $861.5 billion
Q2/14: $875.1 billion
Q3/14: $881.6 billion
Q4/14: $889.0 billion
Source: Board of Governors – Federal Reserve
RAM Research projects Revolving Consumer Credit Outstanding will increase in the first quarter by 2.1% YOY.
To review the latest Federal Reserve report on Consumer Credit Outstanding: http://www.federalreserve.gov/releases/g19/current/default.htm
For additional data on Consumer Credit Outstanding visit CardData®. For historical news and commentary on Consumer Credit Outstanding visit the searchable CardFlash® Library of more than 58,000 articles published since 1995. RAM Research® forecasts on Consumer Credit Outstanding are available exclusively through CardWeb.com.®
The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Percent changes are adjusted to exclude the effect of such breaks. In addition, percent changes are at a simple annual rate and are calculated from unrounded data.
Non-revolving consumer credit outstanding includes motor vehicle loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.