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Monday, June 21, 2021

April US consumer credit outstanding +18.6B vs +22.0B exp

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US consumer lending was lower than anticipated

  • Prior was $25.84B (revised to $18.58B)

That’s a big miss and an even-bigger revision. My guess is that this reflects people using stimulus payments to pay down debt.

More:

  • Revolving credit -1.96B
  • Non-revolving credit +20.57B

Revolving credit is generally credit cards and this drop highlights what some surveys showed: That people are trying to pay off debt.

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