Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Consumer credit surges at CUs: Fed report
WASHINGTON (6/9/14)--Overall outstanding consumer credit at credit unions spiked in April, climbing to $275 billion from $269.9 billion in March--the largest leap since the middle of last year--according to the Federal Reserve's consumer credit report, released Friday. 

While revolving loans, consisting mostly of credit card use, remained relatively flat for credit unions, nonrevolving credit--more associated with financing big-ticket items--swelled by $4.8 billion month-to-month to $232.7 billion.

Across all lending institutions in the United States, demand for credit rose by $26.8 billion in April, which is the largest step up since December 2010. The majority of the increase was driven by an $18 billion climb in nonrevolving balances, mirroring the trend for credit unions.

Revolving credit balances also recorded a post-recession high with an $8.8 billion jump.

"Improvement in the job market, house prices and stocks have consumers feeling more confident," said Andrew Davis, Moody's analyst ( Economy.com June 6). "In turn, consumers are taking advantage of extremely low interest rates and easier access to credit to finance big-ticket items such as education and vehicles."


RSS





print
News Now LiveWire
.@NCUFoundation's Hyland, #creditunion leaders grace small screen for Va. TV program #CUNANewsNow http://t.co/opmMXzD91e
21 minutes ago
.@FHFA:2015 maximum conforming loan limits 4 mortgages bought by Fannie,Freddie stay at $417,000/one-unit properties in most of the country.
2 hours ago
.@CUNA's Susan Tiffany on 6 must-dos before buying a home http://t.co/RfD4exxN5l
2 hours ago
Overlooked law led to Fourth Corner charter via @denverpost http://t.co/nwjOLlxH2v
3 hours ago
American Banker reporter follows up with CUNA's Schenk on holiday spending survey results http://t.co/T5DmIWUkaM
5 hours ago