Data through: September 2026 · updated Nov 7 · Updates: Monthly · Next: Dec 7
MThe three bars show the last 3 months for this indicator, oldest left to newest right. Bar height reflects each reading relative to the other two — the tallest is the highest of the three, the shortest the lowest.
Historical context: Currently in the 16th percentile historically — near historically low levels.
What this means right now: Consumer credit is growing faster than incomes — consumers are increasingly relying on debt to maintain spending. Debt service consumes a growing share of income at this pace.
Consumer Credit · Monthly · 1944–2026
NBER recessions
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Monthly values
Consumer Credit — the last 12 months
Every month's reading, with the band the heatmap gives it. The chart above shows the same series in full.
Month
Value
Band
Sep 2026
+3.0% YoY
Concerning reading
Aug 2026
+2.7% YoY
Within normal range
Jul 2026
+2.6% YoY
Within normal range
Jun 2026
+2.5% YoY
Within normal range
May 2026
+2.4% YoY
Within normal range
Apr 2026
+2.5% YoY
Within normal range
Month-end readings of the same series as the chart. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.
What is the Consumer Credit YoY?
Consumer credit growth measures the year-over-year change in total outstanding consumer debt — including credit cards, auto loans, student loans, and personal loans, but excluding mortgage debt. It captures the pace at which American consumers are taking on non-mortgage debt to finance their spending and lifestyle.
Consumer credit growth has a dual interpretation: moderate growth signals healthy consumer confidence and spending ability. Excessive growth can signal consumers are borrowing beyond their means to maintain spending in the face of income or affordability challenges. The direction and pace of change matters enormously — consumer credit growing faster than wages suggests households are supplementing insufficient income with debt, which is ultimately unsustainable. The Federal Reserve's G.19 release is the primary source of this data.
How We Color-Code the Consumer Credit YoY
Our heatmap colors this indicator against historically significant thresholds:
Very low growth — consumers borrowing conservatively, living within means
1.0% – 3.0%
Moderate growth — borrowing near the pace of income growth
3.0% – 6.0%
Elevated growth — borrowing running ahead of income growth
Above 6.0%
High growth — consumers supplementing income with significant debt; 563 of 993 months since 1944 sit in this band
Historical Extremes — What Happened Next?
When this indicator reaches extreme levels, history shows consistent patterns:
Feb 2008Pre-Crisis Credit Peak
Consumer credit growth: +6.5% YoY (Feb 2008)
Consumer borrowing was growing 6.3% a year as the recession began, in November 2007, and peaked at 6.6% in February 2008; by March 2009 it was shrinking.
2020COVID Deleveraging
Consumer credit: −0.5% YoY (Jan 2021)
COVID stimulus and lockdowns caused consumers to pay down debt — the first year-over-year decline since early 2011 and one of the rare periods of consumer debt reduction in the record.
2022Post-COVID Borrowing Surge
Consumer credit growth: +7.9% YoY (Nov 2022)
Consumers borrowed heavily to maintain spending as inflation eroded purchasing power — contributing to persistent consumer spending even as real incomes fell.
Frequently Asked Questions
What types of debt are included in consumer credit?
The Fed's G.19 consumer credit report covers revolving credit (primarily credit cards) and nonrevolving credit (auto loans, student loans, personal loans). It explicitly excludes mortgage debt (reported separately). Revolving credit is more sensitive to economic conditions because it can be added or reduced quickly; nonrevolving credit reflects longer-term commitments.
Is consumer credit growth good or bad for the economy?
Context matters enormously. Moderate credit growth (1-3%, the band the site colours neutral) that runs near income growth allows consumers to smooth consumption over time. Faster growth (above 6%, the site's highest band) that compensates for inadequate wage growth means consumers are borrowing to maintain spending their income cannot support. The key comparison is credit growth versus income growth.
How did COVID affect consumer credit?
COVID brought a rare fall in consumer debt: the yearly change on this page was below zero from December 2020 to February 2021. It had not been below zero since early 2011. Government stimulus (stimulus checks, enhanced unemployment, student loan forbearance) provided income without requiring new borrowing. Borrowing came back quickly as the economy reopened: by November 2022 consumer credit had grown 7.9% over the past year. That was its fastest growth since 2002.
What does decelerating consumer credit growth signal about the health of household spending?
Consumer credit growth reflects households' willingness and ability to borrow to support spending. When growth decelerates sharply — especially if it turns negative — it signals either that lenders are tightening standards, that consumers are voluntarily reducing leverage, or both. Borrowing has been a bridge between income and spending for many households, but the record does not show spending slowing after credit growth slows. Credit growth fell by 3 points or more within a year 7 times between 1993 and 2023. Real retail sales were growing more slowly a year later after two of them, on today's figures. In the record through August 2026, consumer credit growth turned negative during and after the 2008–09 recession and after the 1957–58, 1990–91 and 2020 recessions (and in 1944, under wartime credit controls). It did not turn negative in 1980, 1981–82 or 2001.
How does revolving credit (credit cards) differ from non-revolving credit (auto and student loans) in what they signal?
Revolving credit (credit cards) reflects short-term consumption decisions — rising revolving debt suggests consumers are spending beyond their income, which is either confidence or stress depending on the context. Non-revolving credit (auto loans, student loans) reflects larger, longer-term commitments. When revolving credit grows faster than incomes persistently, it signals balance sheet deterioration. The site holds only the total, not the two parts, so it cannot count how often a fall in non-revolving credit came with falling auto sales or school enrollment.