Credit union consumer lending rose to $240.2 billion in January, up from $237.l6 in December, the Federal Reserve reported today.
Credit unions' share of consumer installment debt was 9.28%, compared with 9.15% in December.
Overall, consumer installment debt increased in January to an annualized rate of $2,564.4 billion. That was a .08% increase over December. Non-revolving credit increased to an annualized rate of $1,603 billion and revolving credit increased to an annualized rate of $961.3 billion.
Recommended For You
NAFCU Staff Economist Katrin O'Connor said the increase would be temporary.
"Consumer spending increased slightly in January as consumers used their
credit cards to take advantage of retailers' discounts. However, this slight rebound in consumer spending and consumer credit is expected to be short-lived, particularly in view of today's dismal employment data," she said in a statement.
Earlier today, the Labor Department announced that unemployment reached 8.1% in February, the highest since 1983.
© 2025 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.
