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
Consumers depending heavily on financing for new autos: 84% look for loans says @Experian http://t.co/iV93NSdp0x
1 hour ago
Consumer credit ticks up slightly in Jan http://t.co/nAmR7fyGLi
3 hours ago
RT @cumagazine: Make a good impression during your #CUNAGAC Hill visits: 8 tips http://t.co/C4gtRbQG2s
4 hours ago
Taking a walkthrough before #CUNAGAC starts this weekend. http://t.co/k9hktHjm9b
5 hours ago
There will be lots of social media action at 2015 #CUNAGAC that starts in D.C. this Sunday. http://t.co/vyP4XbtFbk
5 hours ago