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
Consumers still hesitant to pay with plastic: Fed report
WASHINGTON (8/8/14)--In line with overall trends, consumer credit at credit unions climbed $5 billion in June from the prior month, with nonrevolving loans driving the majority of the gains and credit card debt only picking up slowly.

Nonrevolving credit, which is tied to more substantial items such as homes or automobiles, jumped $4.5 billion up to $241 billion. Revolving credit, largely associated with credit card usage, edged up by $500 million in June to $43.3 billion total outstanding for credit unions.

"Revolving credit balances are growing at a tepid pace and will continue to do so in the near term," said Andrew Davis, Moody's analyst ( Economy.com Aug. 7). "However, continued labor market improvement will help drive growth in the coming quarters. Consumer confidence will grow as the job market strengthens, and appetite for revolving credit will slowly begin to rise."

Consumer credit across all categories of institutions expanded by $17.3 billion in June, just short of expectations, according to Moody's analysts.

Again big-ticket items fueled the increase, as $16.3 billion of that total came in the form of nonrevolving loans.

"The release of pent-up vehicle demand is benefiting nonrevolving balance growth," Davis said. "Vehicle sales have held above 15 million units SAAR since April, and student loan demand continues to swell."


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
13 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
18 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
18 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
20 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
20 hours ago