WASHINGTON (8/8/13)--Consumer credit rose a seasonally adjusted 6% or $13.8 billion in June, for a total of $2.8 trillion borrowed during the month, said the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $251.5 billion.
The Fed released the report Wednesday.
The overall credit increase is less than the $15 billion expected by economists polled by Reuters (Aug. 7). Consumers took out loans for items such as cars and education, but used their credit cards more frugally.
At credit unions, borrowing increased by $2.6 billion from the $248.8 billion borrowed in May. That compares with $231.2 billion in second quarter last year, said the report.
Revolving credit, which includes credit card spending, decreased in June by 3.8% or $2.7 billion to $853.6 billion. That compares with $856.3 billion in May and $844.3 billion during second quarter of 2012.
Credit unions' revolving credit increased slightly to $40.1 billion, from $39.8 billion in May and $37.4 billion in second quarter 2012.
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose 7.5% or $16.5 billion to $1.99 trillion in June. That compares with $1.98 trillion in May and $1.85 trillion during second quarter of last year.
Credit unions loaned out $211.4 billion in nonrevolving loans in June, an increase over $209.2 billion in May and $193.8 billion in second quarter 2012.