Line graph showing credit card growth has slowed for credit unions

Credit unions increased their credit card balances in October at the slowest rate in more than a year, but managed to pick up share from banks, which grew balances at an even slower pace.

Data from the Fed’s G-19 Consumer Credit Report released Thursday showed credit unions held $80.7 billion in credit card debt Oct. 31, up 13% from a year earlier, which matched September’s 12-month gain, which was the weakest gain for credit unions since June 2022.

But credit unions’ gain was a strong 1.45% from September to October, compared with an average September-to-October gain of 0.4% measured from October 2016 to October 2022.

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Jim DuPlessis

A journalist for decades.

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