Consumer Credit (Total Outstanding)
Consumer Credit measures the total amount of credit extended to individuals, including credit cards, auto loans, student loans, and other forms of non‑mortgage borrowing. It reflects household financial conditions, spending power, and the overall health of consumer balance sheets.
Because consumer spending drives roughly two‑thirds of U.S. GDP, changes in consumer credit provide valuable insight into economic momentum, financial stress, and recession risk.
What This Chart Shows
- Total outstanding consumer credit in the U.S.
- Long‑term growth in household borrowing
- Periods of rapid credit expansion (strong spending cycles)
- Periods of contraction or stagnation (recessions, deleveraging)
- How credit availability affects consumer demand and economic growth
What’s Included in Consumer Credit?
Revolving Credit
- Primarily credit cards
- Highly sensitive to interest rates and consumer confidence
- Often rises during strong spending cycles
Non‑Revolving Credit
- Auto loans
- Student loans
- Personal loans
- Other installment credit
This category tends to grow steadily over time.
Not Included
- Mortgages
- Home equity loans
- Business loans
This keeps the focus strictly on consumer borrowing.
Why Consumer Credit Matters
- Economic momentum: Rising credit supports higher consumer spending
- Financial stress indicator: Sharp slowdowns often signal recession risk
- Interest rate sensitivity: Higher rates can slow borrowing and spending
- Household balance sheets: Shows how leveraged consumers are
- Corporate profits: Strong credit growth supports retail and service sectors
Consumer credit is one of the cleanest ways to track the financial health of U.S. households.
Summary
Consumer Credit tracks how much households are borrowing to finance spending on goods, services, education, and vehicles. Rising credit typically supports economic growth, while slowing or contracting credit can signal weakening demand and rising financial stress. Because consumer spending drives most of the U.S. economy, this indicator is essential for understanding the broader economic outlook.
Data Source
Board of Governors of the Federal Reserve System (FRB) via Federal Reserve Bank of St. Louis (FRED)