Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Consumer credit--even at CUs--dips in February
WASHINGTON (4/9/10)--Consumers took out almost 5.6% fewer loans in February than they did in January, according to the Federal Reserve's Consumer Credit statistics released Thursday. Almost all lenders--including credit unions--saw their consumer loans outstanding drop for the month. The lone exception: the federal government. Consumers still racked up more than $2.45 trillion in loans for February. That compares with January's nearly $2.46 trillion and December's nearly $2.45 trillion. Revolving credit, which is largely credit-card borrowing, declined at a 13.1% annual pace during February, accounting for $858.1 billion in loans compared with January's $867.6 billion. In January, consumers typically rein in their card payments because they've run up larger balances during the holidays, said analysts in The Wall Street Journal (April 8). They attributed part of the February decline to winter storms that prevented consumers from leaving home. Nonrevolving credit--loans for cars, boats and education--totaled $1.589 trillion, down from $1.591 trillion. At credit unions, loans outstanding for February totaled $231.6 billion, down from the $234 billion they loaned out in January. That compares with loans made during the first quarter 2009 that totaled $233.3 billion. Revolving loans at credit unions totaled $34.4 billion--a decline from $35.1 billion in January but the same as loans made in December. During first quarter 2009, credit unions made $32.2 billion in revolving loans. Nonrevolving loans from credit unions totaled $197.2 billion in February. In January, they loaned $198.9 billion out to members. In first quarter 2009, they loaned out $201.1 billion.


RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
13 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
14 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
14 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
17 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
20 hours ago