The story of credit union growth in credit cards became brighter Tuesday as the Fed showed strong, consistent gains in the final two months of 2022.
The Fed's G-19 Consumer Credit Report showed credit unions held $75.6 billion in credit card debt on Dec. 31, up 16.9% from a year earlier — the strongest 12-month gain for any month since December 1995's 17.2% gain. It grew 2.9% from Nov. 30, compared with average November-to-December gains of 2.0% from 2015 through 2021.
The Fed also revised upwards its estimate for the credit union balance in November. It now shows credit unions held $73.5 billion on Nov. 30, up 15.5% from a year earlier and up 2.8% from October.
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