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Credit card balances at credit unions in July continued to grow at an annual rate of about 4% for the fourth month in row, while balances at banks continued to dwindle, according to data from the Fed.
The G-19 Consumer Credit Report released Monday showed credit unions held $86.6 billion in credit card debt on July 31, up 4.1% from a year earlier. The one-month gain was 0.8%, which was weaker than the 10-year average June-to-July gain of 1%.
Credit unions' share of credit card debt was 6.8% in July, up from 6.4% a year earlier and unchanged from June.
Banks held $1.2 trillion in credit card debt, down 2.3% from a year earlier and up 1.1% from June, which was stronger than the 10-year average June-to-July gain of 0.7%. Banks' share was 91.9% in July, down from 92.1% a year earlier and unchanged from June.
Finance companies held $16.2 billion in credit card debt, down 13.8% from a year earlier and up 0.23% from June, compared with the 10-year average June-to-July drop of 0.9%.
The G-19 also included data on what the Fed calls non-revolving consumer debt — a broad basket of term loans that includes auto loans, boat loans, personal loans and private student loans.
Credit unions held $637 billion in non-revolving consumer loans on July 31, up 11.1% from a year earlier and up 0.2% from June, which was weaker than the 10-year average June-to-July gain of 0.7%.
Banks held $823.6 billion in term loans in July, down 7.9% from a year earlier and up 0.6% from June, compared with the month’s average gain of 0.5%.
Contact Jim DuPlessis at JDuPlessis@cutimes.com.
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