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
Revolving credit drives consumer credit increase
WASHINGTON (2/10/14)--Consumer credit issued by credit unions rose on a non-seasonally adjusted basis by $1.8 billion in December, as revolving credit balances drove an overall increase in U.S. consumer credit, according to Federal Reserve data released Friday.
 
U.S. consumer credit for the month increased by $18.8 billion to $3.1 trillion, a seasonally adjusted rate of 7.3%, the most in nearly a year due to a rise in credit card usage ( Reuters Feb. 7).
 
Revolving credit balances edged $5 billion higher, after rising a $465 million in November--the largest one-month increase in revolving loan balances since May ( Economy.com Feb. 7). Consumers may be growing less hesitant in taking on additional credit as the job market improves, Economy.com said.
 
Year-earlier growth in revolving credit balances accelerated to 1.9%, ahead of the fourth quarter average of 1.3% and the 1% average over 2013.
 
Non-revolving balances increased $13.8 billion from last month and have not fallen since August 2011. The December increase is above the $13.2 billion average gain over the past three months.
 
Auto loans increased $12.6 billion to $1.2 trillion in the fourth quarter. Student loans outstanding rose by $7 billion to $873 billion in the fourth quarter.
 
Year-earlier growth in non-revolving credit balances continues to outpace that of total balances, running at 8% in December, slightly below the 8.4% pace of 2013.


RSS





print
News Now LiveWire
#Maine #creditunion membership growth continues record pace http://t.co/yFRur4TQ0x
16 hours ago
.@TheNCUA closes N.Dade Community Development FCU,Miami Gardens, Fla. determining CU violated some charter provisions,bylaws & fed. rules.
17 hours ago
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
19 hours ago
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
20 hours ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
20 hours ago