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

A journalist for decades.

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