WASHINGTON (7/9/15)--In line with national trends, credit union consumer credit climbed in May, but slowed compared with April’s gains, according to the Federal Reserve.
However, after several consecutive months of stagnant growth, revolving credit at credit unions--tied to credit card use--jumped by $600 million to $45.9 billion (Ecomony.com July 8).
Nonrevolving credit at credit unions, associated with financing for big-ticket items such as automobiles and education, rose by $2.7 billion after jumping $4.5 billion the previous month.
For all holders, overall consumer credit balances jumped by $16.1 billion in May, down from $21.4 billion the prior month.
Revolving credit balances climbed only $1.6 billion during the month after an $8.5 billion increase the previous month, while nonrevolving credit accelerated to $14.5 billion in May after a $12.85 billion increase in April.
Additional numbers from the report: