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CU lending down slightly says Fed report
MADISON, Wis. (11/12/10)--Credit unions held $224.9 million in total consumer credit as of September, down a little from the $226.5 million in credit reported in August, according to the most recent Federal Reserve Statistical Release on consumer credit, issued Nov. 5. Revolving credit constituted $35.3 million of the September total, with nonrevolving credit accounting for the remaining $189.6 million, the Fed reported. “The Federal Reserve reported that revolving consumer credit balances fell by $8.3 billion in September,” Steve Rick, senior economist for the Credit Union National Association, told News Now. “This corresponds to a $213 million drop--0.6%--in credit card balances at credit unions in the same month, the first drop since February. “Balances are falling for three reasons,” Rick added. “First, financial institutions are writing down loans and credit card defaults. Second, low consumer confidence has reduced the demand for new credit. And finally, tighter lending standards has reduced the supply of loans. We expect the deleveraging of U.S. households to play out over the next few quarters." Total consumer credit fell by 1.5%, revolving credit declined by 8.75%, and nonrevolving credit increased by 2.5% during the third quarter. Consumer credit rose by 1% in September, the Fed added. The Fed report includes credit card debt, auto loans and other debt not secured by real estate. It excludes home mortgages and home equity lines of credit. To read the Fed release, use the link.
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