Total consumer credit up 16.1 billion, fed student loans up 25.9 billion.
Note that the student loan dollars get spend and add to demand/gdp/etc as well.
>
> (email exchange)
>
> From: Jacob
>
> The $16.1b pop in Jan consumer credit is once again a function of the relentless
> increase in student loan debt. On an NSA basis, student loans backed by the
> federal government jumped $25.9b on the month. On the revolving side (credit card
> debt), lending was flat in seasonally adjusted terms and actually sank -$19.5b
> unadjusted. This story is a familiar one.
>
> That being said, the March Beige Book had the best characterization of consumer
> lending demand since the recession ended (“steady or increased across ALL the
> Districts”) and banks’ willingness to lend has continued to look constructive.
> This suggests the credit space could begin to open up at the margin later this
> year.
>
