Revolving Credit - Historical Chart
Total Revolving Credit Owned and Securitized. Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series REVOLSL. Shaded areas = NBER recession dates. Updated 2026-03-09.
What the Jan 2026 Data Shows
At 1,328.99T, the revolving credit in Jan 2026 is above the 10-year average of 1,106.27T by 222713.82. The reading has been mixed recently, fluctuating without a clear directional trend over the past 6 months.
FRED series REVOLSL isolates the revolving component of consumer credit -- almost entirely credit card balances. Revolving credit is distinct from installment credit (auto, student) because the balance fluctuates based on spending and payment behavior rather than following a fixed amortization schedule.
Revolving credit crossed $1 trillion for the first time in 2017. After a COVID-driven dip in 2020 (when consumers paid down cards with stimulus payments and reduced spending), it surged back above $1.3 trillion. The rapid growth since 2021 has drawn attention from economists concerned about consumer financial health.
Because revolving credit is unsecured and carries the highest interest rates of any consumer credit category, its growth trajectory has outsized implications for household financial stress and bank credit losses.
What This Metric Measures
This page tracks the total amount of revolving consumer credit owned and securitized, consisting primarily of credit card balances. The data comes from the Federal Reserve Bank of St. Louis FRED database, series REVOLSL, updated monthly.
Historical Context
The all-time peak was 1,350.30T in Oct 2024. The all-time trough was 1.32T in Jan 1968. During COVID-19 in 2020, the reading hit 1,081.96T (Feb 2020). Year-over-year, the metric has moved 1.9%.
Why It Matters
Revolving credit is the most expensive debt most consumers carry. At current card APRs of 20%+, a $10,000 balance costs $2,000+ per year in interest. Rapid growth in revolving credit -- especially when it outpaces income growth -- is a warning sign for consumer financial health.
For credit card issuers, growing balances mean growing interest income but also growing credit risk. The sweet spot is moderate balance growth with stable delinquencies. Rapid growth with rising delinquencies is the danger zone.
What This Means for Business Owners
Understanding where this metric stands relative to historical norms helps business owners make better borrowing decisions. Metrics far from their 10-year average often signal turning points that affect the cost and availability of credit.
Comparison - Jan 2026
| Category | Current | Prior Period | Year Ago | Change |
|---|---|---|---|---|
| Revolving Credit Outstanding ★ | $1328986.7B | $1324277.2B | $1304262.5B | 4709.41 ↑ |
| Credit Card Delinquency Rate | 2.94% | 2.98% | 3.08% | 0.04pp ↓ |
Source: Federal Reserve FRED. All rates seasonally adjusted. ★ = primary focus of this page.
Revolving Credit Outstanding - Frequently Asked Questions
Total revolving credit is 1,328.99T as of Jan 2026, per FRED series REVOLSL. This is predominantly credit card balances.
The balance moved up from the prior period. The reading has been mixed recently, fluctuating without a clear directional trend over the past 6 months.
Consumers received stimulus payments and spent less during lockdowns, allowing them to pay down card balances. Revolving credit fell by nearly $100 billion in 2020. The paydown reversed as stimulus ended and spending resumed.
In isolation, the number is hard to evaluate. Better metrics are revolving credit relative to disposable income, card delinquency rates, and charge-off rates. If income is growing alongside debt, the burden may be stable. If not, stress is building.
At an average APR of 20%+, the interest cost on $1.3 trillion in balances is roughly $260 billion per year -- money that goes to bank revenue rather than consumer spending.
FRED series REVOLSL, from the Federal Reserve G.19 Consumer Credit release. Published monthly.