Preliminary figures from the Federal Reserve suggest that creditunions issued $800 million less in revolving credit in Februarythan they did in January of this year.


The Federal Reserve reported that credit unions had $33 billionin revolving credit on their books in January 2009 and only $32.2billion in February, according to the preliminary data. This dropfollows a $400 million drop from December of 2008 to January2009.


A similar drop occurred from December 2007 to January 2008 whenthe amount of credit union issued revolving debt dropped from $31.1billion in December to $30.3 billion in January. But in that yearthe numbers had risen again by February, returning back to $31.1billion. This year there does not appear to be the same shift.


Overall, across all issuers, the Federal Reserve reported thatconsumer credit contracted by 3.5% in February and revolving creditdecreased at an annual rate of 9.75%.

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