Consumers are still reluctant to take on credit but credit unions saw a slight increase in outstanding consumer credit, according to data released by the Federal Reserve.

Credit unions had $228.1 billion in outstanding consumer credit in August, up from July's revised figure of $227.5 billion. Overall, outstanding consumer credit fell by $3.3 billion, an annualized rate of 1.7%, to $2,414 trillion in August, compared with $2,417 trillion in July.

The Fed's data also showed that credit unions' share of consumer installment credit declined to 9.41%, a 5 basis point decline.

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