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 (
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."