Nonrevolving Consumer Credit Outstanding (Auto, Student and Other Loans)

## What this measures

Consumer credit with a fixed repayment schedule (motor vehicle loans, student loans, and loans for education, boats, trailers, vacations and other purposes), owned or securitized by lenders, in millions of dollars at the end of each month, seasonally adjusted. It excludes loans secured by real estate.

## Why it matters

Nonrevolving credit is most of U.S. consumer credit. Its growth shows how much households are financing big purchases, cars above all, and how student debt is moving. Read against revolving credit, it separates installment borrowing from card balances.

## How to read it

Read the year-over-year growth rate and compare it with revolving credit (fred_revolving_credit) and total consumer credit (fred_consumer_credit). Student loans held by the federal government are a large part, so policy changes on federal student loans move it.

## What it does not say

It does not say who is borrowing or whether they can repay. It includes federal student loans, so changes in federal lending show up here. Securitized balances are included; mortgages and home equity lines are not.

## Source

Board of Governors of the Federal Reserve System, Consumer Credit (G.19) statistical release (FRED series NONREVSL). Palanor pulls it from the FRED API (Federal Reserve Bank of St. Louis) nightly. Federal Reserve Board data are in the public domain.