Chart showing credit card growth has slowed for credit unions in MayCredit unions performed worse than banks in building credit card debt in May, while outperforming banks on automotive and other consumer term loans, according to the Federal Reserve.

The Fed's G-19 Consumer Credit Report released Monday showed credit unions held $81.5 billion in credit card debt, up 6.5% from a year earlier and up 0.8% from April, compared with the 10-year average April-to-May gain of 1.3%.

Credit unions' share was 6.3% in May, unchanged from either a year earlier or April, while banks' share was 90.8% in May, up from 90.7% in April and 90.4% in May 2023.

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Jim DuPlessis

A journalist for decades.