Credit unions continued to build balances with credit cards and consumer term loans even amid signs auto loan balances among all lenders have stalled since last September, according to a Fed report.
The Fed's Consumer Credit Report released Tuesday showed credit unions held $80.3 billion in credit card debt, up 7.6% from a year earlier. The balance fell 0.4% from February, compared with the 10-year average February-to-March drop of 0.1%. Balances typically fall in the first three months of the year as households pay down balances from holiday spending, often with the help of tax refunds.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
