U.S. consumer credit outstanding in March grew at the fastest rate since 2001 as Americans used their credit cards and took out other loans at a dizzying pace, the Federal Reserve reported late Monday.
Overall credit expanded by $21.4 billion – or at a 10.2 percent annualized rate — in March, the most in a single month since November 2001. Much of the gain was attributable to increases in non-revolving debt outstanding, mostly comprised of auto and student loans. These closed-end loans grew at an 11.3 percent annual rate in March.
The federal government saw the fastest growth of major debt holders in the Fed’s monthly consumer credit report (also called the G.19). Due to the expansion of growth in non-revolving loans held by the government, student loans appear to be the main driver of the March gains.
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