Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
39 minutes ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
2 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
3 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
3 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
4 hours ago