WASHINGTON (3/8/16)--Overall consumer credit levels at credit unions accelerated in January by $4.2 billion to $345.9 billion, driven by an increase of $4.6 billion in nonrevolving credit.
Revolving credit, which primarily consists of credit card spending, dropped by $400 million.
January’s overall acceleration in credit union consumer credit is a slight drop from December’s $4.6 billion increase.
Nationally, consumer credit growth decelerated sharply in January as consumers cut back on credit card use (MarketWatch March 7). Overall consumer credit increased 3.6% in January, or by a seasonally adjusted annual rate of $10.5 billion.
The January national numbers represent the smallest percentage increase in overall consumer spending growth since March 2013.
The slowdown brought consumer credit below analyst expectations. Economists had been forecasting an increase of $16.5 billion in January.