Preliminary figures from the Federal Reserve suggest that credit unions issued $800 million less in revolving credit in February than they did in January of this year.
The Federal Reserve reported that credit unions had $33 billion in revolving credit on their books in January 2009 and only $32.2 billion in February, according to the preliminary data. This drop follows a $400 million drop from December of 2008 to January 2009.
A similar drop occurred from December 2007 to January 2008 when the amount of credit union issued revolving debt dropped from $31.1 billion in December to $30.3 billion in January. But in that year the numbers had risen again by February, returning back to $31.1 billion. This year there does not appear to be the same shift.
Overall, across all issuers, the Federal Reserve reported that consumer credit contracted by 3.5% in February and revolving credit decreased at an annual rate of 9.75%.
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