Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Market
Consumer Credit Climbs 6%, CUs Also See Increase
WASHINGTON (8/8/13)--Consumer credit rose a seasonally adjusted 6% or $13.8 billion in June, for a total of $2.8 trillion borrowed during the month, said the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $251.5 billion.
 
The Fed released the report Wednesday.
 
The overall credit increase is less than the $15 billion expected by economists polled by Reuters (Aug. 7). Consumers took out loans for items such as cars and education, but used their credit cards more frugally.
 
At credit unions, borrowing increased by $2.6 billion from the $248.8 billion borrowed in May. That compares with $231.2 billion in second quarter last year, said the report.
 
Revolving credit, which includes credit card spending, decreased in June by 3.8% or $2.7 billion to $853.6 billion. That compares with $856.3 billion in May and $844.3 billion during second quarter of 2012.
 
Credit unions' revolving credit increased slightly to $40.1 billion, from $39.8 billion in May and $37.4 billion in second quarter 2012.
 
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose 7.5% or $16.5 billion to $1.99 trillion in June. That compares with $1.98 trillion in May and $1.85 trillion during second quarter of last year.
 
Credit unions loaned out $211.4 billion in nonrevolving loans in June, an increase over $209.2 billion in May and $193.8 billion in second quarter 2012.
RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
14 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
9 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
10 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
11 hours ago