Consumer Credit Surges at CUs in July

The Federal Reserve reported a strong increase in outstanding consumer credit union at credit unions in July.

Outstanding consumer credit grew by $7.4 billion during July to $411.7 billion. This translates into an annual pace of growth of $89.3 billion for the month of July.

Revolving credit outstanding increased by approximately $800 million during July to $54.1 billion.

Outstanding nonrevolving credit rose from $350.9 billion in June to $357.6 billion in July.

Read the G.19 Report.