The release of the Federal Reserve’s monthly G19 reading on consumer credit removed any hope that revolving consumer credit (primarily credit cards) had resumed a growth trajectory, with January outstandings declining 6.4% after a brief positive read of +3% for December. Outstandings have been on a slide for over two years, with December a very brief and modest uptick. Interestingly, growth in consumer installment loans (primarily auto loans) has been positive for two quarters and was up a healthy 6.9% (preliminary) in December.
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