Consumer Credit Up Overall, at CUs Down Overall
Consumers are more willing to take on credit overall, though consumer credit at credit unions declined slightly in September, according to data released by the Federal Reserve.
Credit unions had $224 billion in outstanding consumer credit in September, compared with August's revised figure of $226.5 billion. Overall, outstanding consumer credit increased $2.1 billion in September-or at a 1.1% annual rate.
At credit unions, outstanding revolving credit fell to $35.3 billion in September from August's revised figure of $35.5 billion. Revolving credit mostly refers to credit card-related payments.
In September, there was $189.6 billion in outstanding non-revolving credit at credit unions, compared with a revised figure of $190.9 billion fin August. Non-revolving credit includes loans for items such as cars, boats and vacations.