Total Consumer Credit

## What this measures

This measures the total amount of consumer credit outstanding in the United States, including both credit owned by lenders and credit that has been securitized. It is reported monthly in millions of dollars, seasonally adjusted.

## Why it matters

Consumer credit reflects household capacity to purchase goods and services beyond immediate income, making it a direct indicator of spending power in the economy. Rising credit balances can signal confident consumers and growing demand for products and services, while declining balances may indicate household deleveraging or tightening credit conditions. Organizations use this to anticipate shifts in consumer spending patterns and credit availability.

## How to read it

A rising value indicates consumers are borrowing more, which typically accompanies stronger retail and service demand. A falling value suggests households are paying down debt faster than they are taking on new credit, often a sign of caution or constrained lending. Compare changes over several months to identify sustained trends rather than seasonal noise.

## What it does not say

This does not distinguish between different types of consumer credit, such as auto loans, credit cards, or student loans. It does not indicate whether credit growth is driven by willing borrowers, eager lenders, or both, nor does it measure household ability to service the debt.

## Source

The Federal Reserve publishes this series as part of its Consumer Credit statistical release. Palanor pulls it from the FRED API nightly.