Consumers appeared reluctant to take on additional credit as concerns persist about the pace of economic growth.
Credit unions had $223.7 billion in outstanding consumer credit in May, down from April's revised figure of $224.8 billion, according to data released today by the Federal Reserve. Overall, outstanding consumer credit fell to $2,400 trillion, from $2,407 trillion in April.
At credit unions, outstanding revolving credit increased to $34.6 billion in May, from April's revised figure of $34.5 billion. Revolving credit, which mostly refers to credit-card related payments, fell overall to $824.2 billion in May, from April's revised figure $829.6 billion.
In May, there was $189.1 billion in outstanding non-revolving credit, loans for cars and boats, at credit unions, compared with the revised figure of $190.3 billion in April. Overall, there was $1,576 trillion in outstanding non-revolving credit in May, down from April's revised figure of $1,578 trillion.