📊 Consumer Credit Report (G.19) – November 2025

January 8, 2026

The Consumer Credit (G.19) report from the Federal Reserve provides a detailed look at how much Americans owe on non-mortgage debt, breaking it down by type, holder, and recent trends. It shows the latest data on both the levels and changes in consumer credit, but does not provide forecasts or detailed demographic breakdowns.

Understanding the Consumer Credit Report: Concepts, Definitions, and Key Data

What Is Consumer Credit?

  • Revolving Credit: Primarily credit card debt, where borrowers can repeatedly borrow up to a set limit and repay over time.
  • Nonrevolving Credit: Loans with fixed payments and terms, such as auto loans, student loans, and other installment loans.

2. Key Concepts and Definitions

  • Outstanding Credit (Levels): The total amount of consumer credit owed at a specific point in time, measured in billions of dollars.
  • Flows: The change in the level of credit from one period to the next, reflecting new borrowing minus repayments.
  • Seasonally Adjusted Annual Rate (SAAR): Adjusts for predictable seasonal patterns to show underlying trends, annualized for comparability.
  • Not Seasonally Adjusted (NSA): Raw data without adjustments for seasonal effects.
  • Interest Rates: The cost of borrowing, expressed as an annual percentage rate (APR).
  • Memo Items: Additional details, such as student loans and motor vehicle loans, sometimes reported separately.

3. Recent Trends and Data Highlights (as of November 2025 release)

Total Consumer Credit Outstanding

  • November 2025 (preliminary, not seasonally adjusted): $5,084.8 billion
  • October 2025: $5,080.6 billion
  • September 2025: $5,071.4 billion

This shows a steady increase in total consumer credit outstanding over recent months.

Annual Growth Rate

  • November 2025 (seasonally adjusted annual rate): 1.0%
  • October 2025: 2.2%
  • September 2025: 2.7%

The growth rate of consumer credit has slowed compared to earlier in the year.

Breakdown by Type

A. Revolving Credit (mainly credit cards)

  • November 2025 (NSA): $1,313.9 billion
  • Change (SAAR): Decreased at an annual rate of -1.9% in November 2025

Definition: Revolving credit allows consumers to borrow up to a limit, repay, and borrow again. Credit cards are the main example.

B. Nonrevolving Credit (auto, student, other loans)

  • November 2025 (NSA): $3,770.9 billion
  • Change (SAAR): Increased at an annual rate of 2.0% in November 2025

Definition: Nonrevolving credit is typically installment loans with fixed payments and terms, such as car loans and student loans.

Memo Items:

  • Student Loans (Q3 2025): $1,833.0 billion
  • Motor Vehicle Loans (Q3 2025): $1,560.8 billion

4. Flows: How Much Is Borrowed or Repaid Each Month?

  • Total Flow (November 2025, NSA, annual rate): $262.8 billion
  • Revolving Credit Flow: $215.9 billion
  • Nonrevolving Credit Flow: $46.9 billion

Explanation: Flow data shows the net change in outstanding credit. A positive flow means more borrowing than repayment; a negative flow means more repayment than borrowing.

5. Who Holds the Debt?

  • Depository Institutions (banks): Largest holders of both revolving and nonrevolving credit.
  • Finance Companies: Hold a significant share of auto and other installment loans.
  • Credit Unions: Hold both types, but a smaller share.
  • Federal Government: Major holder of student loans.

6. Interest Rates and Terms

A. Credit Card Plans

  • All Accounts (Q3 2025): 20.97% APR
  • Accounts Assessed Interest: 22.30% APR

B. New Car Loans (Commercial Banks)

  • 60-month loans (Q3 2025): 7.22% APR
  • 72-month loans (Q3 2025): 7.52% APR

C. Personal Loans (24-month, Q3 2025): 11.65% APR

Explanation: Higher interest rates make borrowing more expensive, which can slow credit growth. Credit card rates are much higher than auto or personal loans.

7. Recent Changes and Trends

  • Revolving credit decreased in November 2025, suggesting consumers may be paying down credit card balances or borrowing less.
  • Nonrevolving credit continued to grow, driven by auto and student loans.
  • Interest rates on all types of consumer credit remain elevated compared to previous years, reflecting broader monetary policy trends.

8. Additional Details

  • Student Loans: $1,833.0 billion outstanding as of Q3 2025, mostly held by the federal government.
  • Motor Vehicle Loans: $1,560.8 billion outstanding as of Q3 2025.

9. Data Limitations

  • The report does not include loans secured by real estate (mortgages).
  • Some data, such as for nonprofit and educational institutions, is not available (marked as n.a.).
  • The report does not provide demographic or regional breakdowns.

💡 Summary

The Consumer Credit (G.19) report shows that as of November 2025, total U.S. consumer credit outstanding reached $5,084.8 billion, with revolving credit (mainly credit cards) at $1,313.9 billion and nonrevolving credit (auto, student, and other loans) at $3,770.9 billion. In November, overall consumer credit grew at a 1.0% annual rate, but revolving credit actually declined by 1.9%, while nonrevolving credit rose by 2.0%. Interest rates remain high, especially for credit cards (over 20% APR), which may be contributing to slower growth in credit card balances. The majority of consumer credit is held by banks, finance companies, credit unions, and the federal government (for student loans). The report provides a clear snapshot of consumer borrowing trends, but does not include mortgages or detailed demographic data.

References:

  1. Consumer Credit, Federal Reserve

Find out how the Consumer Credit report impacts you and your business.