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

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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
19 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
1 day ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
1 day ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago