Data through: July 2026 · updated Sep 9 · Updates: Monthly (5-6 week lag)
MThe three bars show the last 3 months (end-of-month values) 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 13th percentile historically — near historically low levels.
What this means right now: Consumer credit is growing faster than incomes — consumers are supplementing earnings with modest additional borrowing. Manageable in the short term but bears watching.
Consumer Credit · Monthly · 1943–2026
Grey areas = NBER recessions · Scroll to read · zoom and pan in Expand
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
Jul 2026
+2.6% YoY
Within normal range
Jun 2026
+2.5% YoY
Within normal range
May 2026
+2.1% YoY
Within normal range
Apr 2026
+2.2% YoY
Within normal range
Mar 2026
+2.2% YoY
Within normal range
Feb 2026
+3.1% YoY
Concerning reading
Month-end readings of the same series the chart shows, from consumer_credit. 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 each indicator based on historically significant thresholds:
Below +2% YoY
Low growth — consumers borrowing conservatively, living within means
+2% to +4% YoY
Healthy growth — moderate borrowing consistent with income growth
+4% to +6% YoY
Moderate growth — borrowing slightly above income growth pace
+6% to +9% YoY
High growth — consumers supplementing income with significant debt
Above +9% YoY
Very high — debt-fueled consumption, unsustainable trajectory
Historical Extremes — What Happened Next?
When this indicator reaches extreme levels, history shows consistent patterns:
2005-2007Pre-Crisis Credit Boom
Consumer credit growth: +8% to +10% YoY
Unsustainable consumer borrowing contributed to the financial crisis as households became over-leveraged and vulnerable to any income disruption.
2020COVID Deleveraging
Consumer credit: -2% YoY (declined)
COVID stimulus and lockdowns caused consumers to pay down debt — one of the rare periods of consumer debt reduction in modern history.
2022Post-COVID Borrowing Surge
Consumer credit growth: +10% YoY
Consumers borrowed heavily to maintain spending as inflation eroded purchasing power — contributing to persistent consumer spending even as real incomes fell.
Investor Checklist — Current Reading
Based on the current Consumer Credit YoY reading of +2.6% YoY (Neutral):
ℹModerate credit growth — consumers borrowing somewhat faster than income growth
✓Watch delinquency rates — rising credit growth with rising delinquency is more concerning
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 (2-4%) that supplements income growth is healthy — it allows consumers to smooth consumption over time. Rapid credit growth (8%+) that compensates for inadequate wage growth is concerning — it means consumers are borrowing to maintain a lifestyle their income cannot support. The key comparison is credit growth versus income growth.
How did COVID affect consumer credit?
COVID created an unprecedented consumer debt reduction — for the first time in decades, consumers paid down credit card and other debt rather than adding to it. Government stimulus (stimulus checks, enhanced unemployment, student loan forbearance) provided income without requiring new borrowing. When stimulus ended, consumers resumed borrowing — often at an accelerated pace to catch up on deferred spending.
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. Either way, it means spending is likely to slow because borrowing has been an important bridge for many households between income and consumption. Sustained negative consumer credit growth has preceded or accompanied every recession since 1980.
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. When non-revolving credit contracts, it typically means auto sales or educational enrollment are falling — both indicators of broader demand weakness.
Trending Questions
AI context · refreshed August 30, 2026
What investors are searching about this indicator right now, answered using current news and data.
1What does the 2.43% year-over-year consumer credit growth rate indicate about lending conditions?
Consumer credit was 2.43% higher compared to a year ago in Q2 2026, with growth slowing over the quarter and remaining lower than a year earlier. Consumer credit remains widely available despite economic uncertainty, while credit usage continues to grow at a pace largely consistent with inflation.
2How is consumer credit growth currently distributed across different types of credit?
Nonrevolving credit, primarily made up of student and auto loans, reached $3.82 trillion in Q2 2026, marking a 2.11% increase from the previous quarter and a 1.96% increase from a year ago. Revolving credit, primarily made up of credit card balances, rose to $1.35 trillion in Q2 2026, representing a 3.98% increase from the previous quarter and a 3.79% increase year-over-year.
3What is happening with credit card delinquencies as of the latest data?
The 30-plus days delinquency rate on credit cards issued by all commercial banks fell to 2.85% in Q2 2026, seasonally adjusted, the lowest reading since Q2 2023. The aggregate credit limit across all cards rose by $324 billion year-over-year to a record $5.56 trillion, with available credit reaching $4.30 trillion, also a record.
4Are consumers maxing out their credit card capacity given the available credit?
Consumers, on the whole, have not taken the bait in the way the credit-limit expansion might imply, with roughly three and a half dollars of unused capacity for every dollar of credit card debt currently outstanding. The debt-to-disposable income ratio for credit cards and other consumer loans combined was 7.75% in Q2, barely changed from 7.68% a year ago, and remains low by historical standards.
5How have credit card interest rates trended in recent quarters?
Although credit card rates have hovered near historic highs since Q4 2022, the past six quarters have shown modest year-over-year declines, with the average credit card rate held by commercial banks standing at 20.94% in Q2 2026, a drop of 22 basis points from a year earlier.