The economy is continuing to improve slightly and consumers are more willing to take on new credit when buying products and services.
Credit unions had $228.7 billion in outstanding consumer credit in April, up from the $228 billion in March, according to data released today by the Federal Reserve.
Overall, outstanding consumer credit increased to $2,423 trillion, from $2,421.8 trillion in March. That is a seasonally adjusted annual rate of 0.5%.
At credit unions, outstanding revolving credit increased to $34.4 billion in April, from $34.3 billion in March. Revolving credit, which mostly refers to credit-card related payments, fell overall to $829.4 billion in April, from $835.7 billion in March.
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In April, there was $194.3 billion in outstanding non-revolving credit, loans for cars and boats, at credit unions, compared with $193.7 billion in March. Overall, there was $1,593.6 trillion in outstanding non-revolving credit in April, compared with $1,586.1 trillion in March.
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