Consumer credit rose by $13.8 billion in the month of June, but it is not exactly debt going on credit cards. The Federal Reserve showed that revolving credit, credit used on cards and the like was down by 3.8%. The non-revolving credit debt (loans for mobile homes, education, boats, trailers, or vacations) rose by 10%.
Bloomberg was calling for consumer credit to increase by $15 billion. The lower than expected report issued today has to be tied to lower consumer use of credit cards because the gains elsewhere were so large. This may not be the best news in the world for the retailers, although June is considered a throwaway month for many retailers.
Total outstanding credit rose to $2,847.9 trillion. Revolving credit was $853.6 billion, while non-revolving credit was $1.9943 trillion.
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