Consumer credit (revolving and non-revolving only) ended Q1 2024 at 5,059 B, 40B added during the quarter.
- The growth rate for credit has deaccelerated to only 2.34 Y/Y, but it has stabilized a bit more in the last few quarters.
- Interest rates on auto loans over 8% in Q1 2024, from 7.83% in 2023, and 5.31 in 2019.
- Interest rates on credit card at 21.6% (highest on record) in Q1 2024, from 20.90% in 2023 and 15% in 2019.
As a reference, consumer credit Q1 2024 grew 40B vs 226B for consumer disposable income.
While income is currently the primary source of consumer spending growth, credit is not completely insignificant either.
And over time, it depends on the corresponding growth rates, as an eg. 2022 income had barely 38B more, while consumer credit grew 345B.
