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Feds: CU Consumer Credit Climbs by $3B in August
Thursday, October 8, 2015 6:45 AM

Consumer credit extended by credit unions reached $330.2 billion in August, a $3 billion increase over the prior month, according to numbers released Wednesday by the Federal Reserve.

The $3 billion jump marks a deceleration, however, as consumer credit climbed by $4.5 billion in July. Among all holders, consumer credit advanced by $16 billion, or a 5.6 percent increase, which is a slight deceleration from the $18.9 billion increase the previous month.

Revolving credit, or credit card use, jumped by more than $1 billion in August at the nation’s credit unions, a step up compared with the prior two months of minimal or no gains.

For all major holders, revolving credit increased by nearly $10 billion.

Nonrevolving credit, which reflects big-ticket purchases like education and autos, edged higher by $1.7 billion at credit unions, a considerable slowdown from the prior month, which posted a $4.3 billion increase.

“Interest rates are incredibly low,” said Thomas McCartin, Moody’s analyst (Economy.com Oct. 7). “Job gains and increasing home prices are boosting wealth. Although consumers are not buying up homes, they are buying vehicles at a robust pace as they take advantage of cheap financing.”