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 Increases 4.5% In July, CUs See Rise
WASHINGTON (9/10/13)--U.S. consumer credit increased a seasonally adjusted 4.5% or $10.4 billion in July, for a total of $2.852 trillion borrowed during the month, according to the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $254.7 billion.
 
The Fed report was released Monday afternoon.
 
Underlying trends lifting consumer credit stayed the same--demand for auto and student loans continue to push up credit balances. However, households remain reluctant to add to their credit card debt, said Moody's Economy.com (Sept. 9).   
 
At credit unions, borrowing climbed by $3.1 billion from the $251.6 billion in June.
 
Overall U.S. revolving credit, which includes credit card spending, declined at an annual rate of 2.5%--or $1.8 billion--in July to $849.8 billion from $851.6 billion in June. 
 
Credit unions' revolving credit rose slightly to $40.6 billion from $40.1 billion in June.
 
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose at annual rate of 7.5%--or $12.3 billion--to about $1.993 trillion in July from roughly $1.982 trillion in June.
 
Credit unions issued $214.1 billion in nonrevolving loans in July, up from $211.5 billion in June.
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
12 24 ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
12 23 ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
12 23 ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
12 23 ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
12 23 ago