Graph showing credit card growth has picked up for credit unions.

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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Jim DuPlessis

A journalist for decades.

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