US Consumer Credit Rises at a 6.4% Rate in September, the Fastest Pace of 2026
US consumer credit grew at a 6.4% annual rate in September, the Federal Reserve reported, its fastest month this year on The Edge’s calculation, led by revolving credit.
For American lenders, the month’s growth came mainly from revolving credit, which rose at a 14.5% rate after an annualised fall of 4.4% in August. In The Edge’s reading, September looks more like a rebound than a new trend: across August and September together, revolving balances grew at a 5.0% annualised pace, close to the year’s quarterly rates. Over the third quarter as a whole, total credit grew at 4.2%, the fastest of the year’s three quarters.
The G.19 release came out on 6 November at 20:00 GMT. It puts seasonally adjusted consumer credit outstanding at $5,224.4 billion at the end of September, after a rise of $27.8 billion in the month. The series covers most credit extended to individuals, excluding loans secured by real estate.
Revolving credit swings to its fastest growth since 2023
Revolving credit rose $16.3 billion in September to $1,368.5 billion. That was 58.5% of the month’s increase, although revolving balances make up 26.2% of the total stock.
The 14.5% rate is the strongest for revolving credit since November 2023. That month’s rate was 18.0%.
On the same calculation, the headline 6.4% was also the fastest monthly rate for total credit since November 2022. The $27.8 billion gain was the largest in dollars since that month, and 2.3 times the average monthly increase of the first half.
August’s revolving decline was revised to a 4.4% annual rate from 4.2%. July’s revolving growth was trimmed to 2.4% from 2.5%. The total growth rates for July and August were unchanged, at 4.1% and 1.9%.
Nonrevolving credit, which includes motor vehicle and education loans, grew at a 3.6% rate, slower than in July and August. It still added $11.5 billion, taking the stock to $3,856.0 billion.
Monthly growth in 2026 (annual rate, in %)
| Month | Total | Revolving |
|---|---|---|
| January | 1.0 | 1.6 |
| February | 1.7 | 1.1 |
| March | 4.9 | 9.8 |
| April | 5.0 | 10.6 |
| May | 0.7 | -1.9 |
| June | 3.5 | 5.9 |
| July | 4.1 | 2.4 |
| August | 1.9 | -4.4 |
| September | 6.4 | 14.5 |
Seasonally adjusted. July to September as published on 6 November, September preliminary; January to June are The Edge’s calculations from the monthly flows and levels in the same vintage of the series.
Third-quarter growth picks up to 4.2% on nonrevolving loans
Consumer credit grew at a 4.2% annual rate in the third quarter, up from 3.1% in the second. Nonrevolving credit drove the pickup, with growth accelerating to 4.2% from 2.4%. Revolving growth eased to 4.1% from 4.9%.
In dollar terms, credit outstanding rose $53.7 billion in the quarter, against $39.3 billion in the second. Nonrevolving loans supplied nearly three quarters of that rise.
Over the year to September, consumer credit grew 3.0%, or $152.5 billion. Revolving balances rose 4.2% and nonrevolving balances 2.6%.
Growth by quarter, 2026 (annual rate, in %)
| Series | Q1 | Q2 | Q3 |
|---|---|---|---|
| Total | 2.6 | 3.1 | 4.2 |
| Revolving | 4.2 | 4.9 | 4.1 |
| Nonrevolving | 2.0 | 2.4 | 4.2 |
Seasonally adjusted; the third quarter is preliminary.
Before seasonal adjustment, depository institutions accounted for $2,109.2 billion of the $5,192.1 billion total at the end of September. Their balances were 4.8% higher than a year earlier, supplying 62.8% of the year’s rise. Finance company balances fell 2.3% to $700.8 billion.
The federal government’s balances, which consist of student loans the Department of Education originated or the government bought, rose 3.8% to $1,632.9 billion. Credit union balances grew 2.4% to $739.2 billion.
Student loans across all lenders, a series published only before seasonal adjustment, reached $1,884.6 billion at the end of the third quarter, 2.8% more than a year earlier. That memo series includes some balances that sit outside nonrevolving credit, so it does not add up with the main table.
Motor vehicle loans, on the same unadjusted basis, reached $1,589.8 billion, 1.9% above their level a year earlier.
Card rates edge up to 21.19% while car loan rates climb
The average rate on all credit card accounts at commercial banks was 21.19% in the third quarter, up from 20.94% in the second. It was still below the 21.39% of a year earlier. For accounts that were charged interest, the rate was 22.36%.
Rates on 60-month new car loans rose to 7.54% from 7.14%. The gap between card and car borrowing costs was 13.65 percentage points. Two-year personal loans cost 11.90%, up 0.76 percentage points from a year earlier.
The car and personal loan rates are simple averages of each bank’s most common rate in the first calendar week of the quarter’s middle month, here August. They therefore predate the September credit figures, and finance company rates for the quarter are not available.
Commercial bank interest rates (in %)
| Rate | Q3 2025 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Card, all accounts | 21.39 | 20.94 | 21.19 |
| Card, assessed interest | 22.83 | 22.15 | 22.36 |
| New car, 60 months | 7.64 | 7.14 | 7.54 |
| New car, 72 months | 7.80 | 6.97 | 7.17 |
| Personal, 24 months | 11.14 | 11.86 | 11.90 |
Not seasonally adjusted. Card rates are averaged across all accounts at reporting banks; the assessed interest rate covers only accounts charged interest.
What to watch: October consumer credit figures are due on Monday 7 December at 20:00 GMT.
Figures are from the Federal Reserve’s G.19 Consumer Credit release for September 2026, published 6 November 2026, and the historical tables published with it; monthly rates for January to June 2026, dollar changes, shares and comparisons not attributed to a source are The Edge’s calculations.
Sources: Federal Reserve, The Edge.
