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CU Members Maintain Card Spending in July

PSCU finds small gains as gasoline prices fall and inflation in other sectors subsides.

line graph chart showing credit card spending for credit union members rose slightly in July 2023

Credit union members’ spending by credit and debit cards rose only about 2% to 3% from a year earlier, but the gains were made as inflation moderated and gasoline prices fell.

The PSCU Payments Index report showed spending in July rose 2.1% by credit cards and rose 3.2% by debit cards compared with the year earlier among credit union members using services of the St. Petersburg, Fla., CUSO. In June, payments rose 1.7% by credit cards and rose 4.3% by debit cards.

The Fed’s G-19 Consumer Credit Report released Aug. 7 showed credit unions held $77.3 billion in credit card debt on June 30, up 14.2% from a year earlier and accounting for 6.3% of the nation’s total credit card balance. PSCU reported their total balances rose 13.1% in June and 12.6% in July.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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