In the second quarter of 2026, consumer credit growth slowed over the quarter and was lower than a year ago. According to the Federal Reserve’s G.19 Consumer Credit Report, total outstanding U.S. consumer credit reached $5.17 trillion in the second quarter of 2026. This marked a 2.60% increase at a seasonally adjusted annual rate (SAAR) from the first quarter. Compared to a year ago, the total outstanding credit amount was 2.43% higher.
Nonrevolving Credit
Nonrevolving credit, which is primarily made up of student and auto loans (the G.19 report excludes mortgage loans), reached $3.82 trillion (SA) in the second quarter of 2026. This marks a 2.11% increase (SAAR) from the previous quarter, and a 1.96% increase from a year ago.
Student loan credit outstanding was at $1.86 trillion (NSA) for the second quarter of 2026, up 3.08% from a year ago.
Auto loans reached a level of $1.57 trillion (NSA), showing a year-over-year increase of just 0.69%. Auto loan rates for a 60-month new car stood at 7.14% (NSA) for the second quarter of 2026, 53 basis points lower than a year ago. Auto loan rates have continued to decline year-over-year for the last seven quarters but remain higher than pre-pandemic levels.
Revolving Credit
Revolving credit, which is primarily made up of credit card balances, rose to $1.35 trillion (SA) in the second quarter of 2026. This represents a 3.98% increase (SAAR) from the previous quarter and a 3.79% increase year-over-year.
Although credit card rates have hovered near historic highs since Q4 2022, the past six quarters have shown modest year-over-year declines. The average credit card rate held by commercial banks (NSA) stood at 20.94% in the second quarter of 2026, a drop of 22 basis points from a year earlier.
