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Slight decline in consumer credit at CUs
WASHINGTON (11/9/10)—The total amounts in outstanding consumer credit, revolving credit and nonrevolving credit accounts held by credit unions all decreased slightly in Sept., the Federal Reserve (Fed) reported in its most recent consumer credit report. "The September weakness in credit union consumer credit reflects a continuation of household sector deleveraging. With short-term market interest rates near zero consumers continue to believe that it makes more sense to pay down debt than put excess cash in savings accounts," explained Mike Schenk, a top Credit Union National Association economist. "In the aggregate, the household debt-to-income ratio has declined from a high of about 125% to 110% at mid-year 2010," he said, The total amounts in outstanding consumer credit, revolving credit and nonrevolving credit accounts held by credit unions all decreased slightly in Sept., the Federal Reserve (Fed) reported in its most recent consumer credit report. Credit unions held $224.9 million in total consumer credit as of September, slightly down from the $226.5 million in credit reported in August. Revolving credit accounted for $35.3 million of the September total, with nonrevolving credit comprising the remaining $189.6 million, the Fed reported. The Fed reported that total consumer credit declined by 1.5%, revolving credit declined by 8.75%, and nonrevolving credit increased by 2.5% during the third quarter of 2010. Consumer credit increased 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.
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