US consumer credit rises $15.5B but revolving credit falls most in 4-years

US consumers paying down credit cards with gas price windfall.

• Consumer credit $15.52B vs $12.25B exp
• Prior $11.56B (revised to $17.80B)
• Revolving credit down $3.68B, largest drop since Nov 2010
• Non-revolving credit up $19.19B vs $11.80B prior

The thinking about lower gasoline prices was that consumers would spend but they appear to be saving. The PCE report also showed the savings rate rising.

The flipside is the massive rise in non-revolving credit, which is likely driven by student and auto loans.