Although the economy continues to pick up steam, consumers were reluctant to take on new credit for their purchases.
Credit unions had $231.6 billion in outstanding consumer credit in February, down from the revised figure of $234 billion in January, according to data released today by the Federal Reserve.
Overall, outstanding consumer credit fell to $2,445.2 trillion, from January's revised figure of $2,480.7 trillion.
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At credit unions, outstanding revolving credit fell to $34.4 billion, from January's revised figure of $35.1 billion. Revolving credit, which mostly refers to credit-card related payments, fell overall to $857.2 billion, from January's revised figure of $879.1 billion.
At credit unions, outstanding non-revolving credit, loans for cars and boats, was $197.2 billion, a decrease from January's revised figure of $198.9 billion. Overall, there was $1,558 trillion in outstanding non-revolving credit in February, compared with the revised figure of $1,601 trillion in January.
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