The Federal Reserve has reported that revolving consumer creditcontracted nationally in July but increased at credit unions.
|Nationally, the Fed reported that consumers drew down theirrevolving consumer loan accounts by $3.4 billion in July, movingfrom $795.9 billion to $792.5 billion. This represents an annualdecline of 5.2%, after moving up in May (4.6%) and June (3.9%).
|But creditunion members increased their use of revolving credit in July,the Fed reported. Credit union members moved their creditline from $35.8 billion to $36 billion, the regulator reported.
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