photo from above of homes in a neighborhood Source: Shutterstock.

First mortgages, used car loans and credit cards were responsible for most of the lending gains among credit unions in July, while new car loan balances continued to decline.

The Fed’s Consumer Credit Report released Wednesday showed credit unions held $61.5 billion in credit card debt July 31, up 1% from a year earlier — the first 12-month gain since April 2020.

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Jim DuPlessis

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