Consumer Credit Down At CUs and Overall
Consumers continue to be reluctant to take on additional credit as concerns persist about the pace of economic growth.
Credit unions had $228.3 billion in outstanding consumer credit in June, down from May's revised figure of $229.2 billion, according to data released by the Federal Reserve. Overall, outstanding consumer credit fell to $2,418.5 billion, from May's revised figure of $2,419.8 billion.
At credit unions, outstanding revolving credit increased to $34.9 billion in June, from May's revised figure of $34.8 billion. Revolving credit, which mostly refers to credit-card related payments, fell overall to $819.8 billion in June, from May's revised figure of $824.4 billion.
In June, there was $193.4 billion in outstanding non-revolving credit, loans for cars and boats, at credit unions, compared with the revised figure of $194.4 billion in May. Overall, there was $1,581 billion in outstanding non-revolving credit in June, up from May's revised figure of $1,580 billion.