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Total consumer credit outstanding rose $12.8 billion in January, to a seasonally adjusted $1.7 trillion, the Fed said.
March consumer credit outstanding was revised upward, as well, to a $7.5 billion increase from an initially reported $6.1 billion.
A separate report from the Federal Reserve showed that the level of consumer credit outstanding unexpectedly held steady in July.
The inclusion of the federal and SLM Holding student debt increased the overall level of consumer credit outstanding.
The Fed report said credit outstanding was virtually unchanged at a seasonally adjusted $1.589 trillion in July.
If the government reduces the reserve requirements, the banks can expand their loans further, thus increasing the total volume of credit outstanding.
Similar(39)
So did Herbert Hoover in 1929 while the Federal Reserve Board tightened credit to protect the dollar and raised interest rates when margin credit outstandings moved off the charts on the up side.
That accounts for nearly the entire $134 billion decline in revolving credit balances outstanding in the same period.
Of the company's $1.2 trillion in credit commitments outstanding in the second quarter, $873 billion were credit card lines.
That makes a total of $900 billion in credit potentially outstanding over year's end, the Fed said.
The sum total of credit instruments outstanding globally is growing by about 10% per year.
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