CUNA News Now: Consumer credit drops 6% in 3Q, credit at CUs is up

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WASHINGTON (11/9/09)--Overall consumer credit decreased at an annual rate of 6% during third-quarter 2009, to $2.455 trillion, according to statistics released Friday by the Federal Reserve. Credit unions turned out to be a bright spot in the report, seeing increases in both revolving and nonrevolving credit while commercial banks and finance companies experienced decreases.

Overall revolving credit during third quarter dropped 10% (at an annual rate) to $889 billion, while nonrevolving credit was down 3.8% to nearly $1.566 trillion.

For the month of September, consumer credit dropped 7.25% (not seasonally adjusted), while revolving credit plunged 13.3 % and non-revolving credit slipped 3.7%.

On a non-seasonally adjusted basis, third quarter consumer credit totaled $2,465.4 billion. Of that, credit unions accounted for $240.5 billion, which was an increase from the $236.1 billion they loaned in third-quarter 2008.

Banks lost ground during the year, registering $831.5 billion loaned for third-quarter 2009 compared with $844.1 billion a year earlier. Finance companies also saw decreases--to $522.8 billion for third-quarter 2009 versus $596.3 billion in third-quarter 2008.

Credit unions' revolving credit totaled $34.2 billion for third quarter 2009, up from $32.2 billion during the period in 2008. Their non-revolving loans totaled $206 billion for third quarter this year, an increase over $203.9 billion loaned in the same period last year.



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	News Now LiveWire Most CUs will provide wage increases for at least some of their employees, according to CUNA's just-released Small CU Staff Salary Survey. 6 hours ago St. L Post Dispatch on GAO report:Consumers may not benefit from altering Interchange system;would cut card competition. http://ow.ly/ETyX 6 hours ago CUNA's Hampel: Consumer holiday spending will be up slightly from last year. See Tues NN. 10 hours ago NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 3 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 3 days ago Sign up; more tweets... Consumer credit drops 6% in 3Q, credit at CUs is up WASHINGTON (11/9/09)--Overall consumer credit decreased at an annual rate of 6% during third-quarter 2009, to $2.455 trillion, according to statistics released Friday by the Federal Reserve. Credit unions turned out to be a bright spot in the report, seeing increases in both revolving and nonrevolving credit while commercial banks and finance companies experienced decreases. Overall revolving credit during third quarter dropped 10% (at an annual rate) to $889 billion, while nonrevolving credit was down 3.8% to nearly $1.566 trillion. For the month of September, consumer credit dropped 7.25% (not seasonally adjusted), while revolving credit plunged 13.3 % and non-revolving credit slipped 3.7%. On a non-seasonally adjusted basis, third quarter consumer credit totaled $2,465.4 billion. Of that, credit unions accounted for $240.5 billion, which was an increase from the $236.1 billion they loaned in third-quarter 2008. Banks lost ground during the year, registering $831.5 billion loaned for third-quarter 2009 compared with $844.1 billion a year earlier. Finance companies also saw decreases--to $522.8 billion for third-quarter 2009 versus $596.3 billion in third-quarter 2008. Credit unions' revolving credit totaled $34.2 billion for third quarter 2009, up from $32.2 billion during the period in 2008. Their non-revolving loans totaled $206 billion for third quarter this year, an increase over $203.9 billion loaned in the same period last year. For more details, use the resource link. Resource Links Federal Reserve's Consumer Credit Statistical Report More Market
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