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.

print this story email this story
Resource Links
Federal Reserve's Consumer Credit Statistical Report


More Market

Copyright © 2012 Credit Union National Association