All tagged Consumer Credit

After rising for 10 consecutive months, consumers took a breather in August as the amount of credit outstanding dipped by $9.5 billion or 0.4 percent, ending the month at $2.44 trillion. Consumer credit has two main components: nonrevolving credit, which includes loans for automobiles, mobile homes, education and a few other categories, and revolving credit, primarily credit card loans. Nonrevolving credit, which accounts for slightly over two-thirds of the total, had expanded for 14 consecutive months before August. Revolving loan balances hit a fresh cyclical low in August as households and lenders continue to exercise caution in using and extending credit, respectively.