Consumer credit in the United States went up by USD 23.3 billion in July 2019, the most in a year, easily beating market expectations of a USD 16.1 billion rise. Revolving credit including credit card borrowing climbed USD 10 billion, following a revised USD 0.2 billion decline in June. In addition, non-revolving credit including loans for education and automobiles rose USD 13.3 billion, after a USD 14.0 billion increase in the previous month. Year-on-year, consumer credit growth accelerated to 6.8 percent in July from 4.1 percent in June, as revolving credit jumped 11.2 percent (vs -0.2 percent in June), whereas non-revolving credit rose 5.3 percent (vs 5.6 percent in June). Consumer Credit in the United States averaged 4.48 USD Billion from 1943 until 2019, reaching an all time high of 116.79 USD Billion in December of 2010 and a record low of -111.95 USD Billion in December of 2015.
Consumer Credit in the United States is expected to be 14.95 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Consumer Credit in the United States to stand at 17.43 in 12 months time. In the long-term, the United States Consumer Credit Change is projected to trend around 16.27 USD Billion in 2020, according to our econometric models.