Consumer Credit Up at Credit Unions and Overall
The economy is continuing to improve slightly and consumers are more willing to take on new credit when buying products and services.
Credit unions had $228.7 billion in outstanding consumer credit in April, up from the $228 billion in March, according to data released today by the Federal Reserve.
Overall, outstanding consumer credit increased to $2,423 trillion, from $2,421.8 trillion in March. That is a seasonally adjusted annual rate of 0.5%.
At credit unions, outstanding revolving credit increased to $34.4 billion in April, from $34.3 billion in March. Revolving credit, which mostly refers to credit-card related payments, fell overall to $829.4 billion in April, from $835.7 billion in March.
In April, there was $194.3 billion in outstanding non-revolving credit, loans for cars and boats, at credit unions, compared with $193.7 billion in March. Overall, there was $1,593.6 trillion in outstanding non-revolving credit in April, compared with $1,586.1 trillion in March.