Consumer Credit Outstanding - Historical Chart
Total Consumer Credit Owned and Securitized. Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series CONSUMER. Shaded areas = NBER recession dates. Updated 2026-03-09.
What the Jan 2026 Data Shows
At 1.87T, the consumer credit outstanding in Jan 2026 is above the 10-year average of 1.63T by 241.35. The metric has risen in each of the last 6 months.
FRED series CONSUMER reports total consumer credit outstanding, combining revolving credit (primarily credit cards) and non-revolving credit (auto loans, student loans, personal installment loans). This excludes mortgages, which are tracked separately.
As of recent data, total consumer credit exceeds $5 trillion. Non-revolving credit (roughly $3.8T) is dominated by auto loans and student loans. Revolving credit (roughly $1.3T) is almost entirely credit card balances.
Growth in consumer credit reflects both consumer borrowing appetite and lender willingness to extend credit. Rapid growth in credit can signal consumer confidence or consumer desperation -- the interpretation depends on the economic context.
What This Metric Measures
This page tracks the total amount of consumer credit owned and securitized, including revolving (credit cards) and non-revolving (auto, student, personal loans). The data comes from the Federal Reserve Bank of St. Louis FRED database, series CONSUMER, updated monthly.
Historical Context
The all-time peak was 1.93T in Oct 2024. The all-time trough was 4.2B in Jan 1947. During COVID-19 in 2020, the reading hit 1.60T (Mar 2020). Year-over-year, the metric has moved 2.8%.
Why It Matters
Consumer credit drives roughly 70% of U.S. GDP through consumer spending. When credit is growing, consumers have more purchasing power. When credit contracts or growth stalls, it directly reduces consumer spending capacity.
For businesses that sell to consumers, credit growth is a demand driver. Retailers, auto dealers, and service businesses all benefit from expanding consumer credit. When credit tightens, these businesses see revenue declines.
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 |
|---|---|---|---|---|
| Total Consumer Credit ★ | $1867.1B | $1858.1B | $1815.8B | 9.00 ↑ |
| Revolving Credit Outstanding | $1328986.7B | $1324277.2B | $1304262.5B | 4709.41 ↑ |
Source: Federal Reserve FRED. All rates seasonally adjusted. ★ = primary focus of this page.
Total Consumer Credit Outstanding - Frequently Asked Questions
Total consumer credit (owned and securitized) is 1.87T as of Jan 2026, per FRED series CONSUMER. This includes cards, auto, student, and personal loans but excludes mortgages.
The balance moved up from the prior period. The metric has risen in each of the last 6 months.
Roughly 25% revolving (credit cards) and 75% non-revolving (auto, student, personal). Non-revolving is dominated by federal student loans and auto financing.
In nominal terms, yes. But adjusted for population growth and inflation, the picture is less dramatic. Debt service as a percentage of income (TDSP/CDSP) is a better measure of burden than absolute levels.
Employment, wage growth, and lender appetite. When jobs are plentiful and wages rising, consumers borrow more and banks are willing to lend. Student loan growth has its own drivers related to tuition and enrollment.
FRED series CONSUMER, from the Federal Reserve G.19 Consumer Credit statistical release. Published monthly.