The Federal Reserve has reported that revolving consumer credit contracted nationally in July but increased at credit unions.
Nationally, the Fed reported that consumers drew down their revolving consumer loan accounts by $3.4 billion in July, moving from $795.9 billion to $792.5 billion. This represents an annual decline of 5.2%, after moving up in May (4.6%) and June (3.9%).
But credit union members increased their use of revolving credit in July, the Fed reported. Credit union members moved their credit line from $35.8 billion to $36 billion, the regulator reported.