Consumer Credit at CUs Grew at a Slower Pace in August

The Federal Reserve reported that outstanding consumer credit at credit unions edged higher in August.

Consumer credit increased from $411.7 billion in July to $412.5 billion in August.

The growth in consumer credit was driven by an increase in revolving credit, as nonrevolving credit posted a small decrease.

Revolving credit at credit unions increased by $1 billion during August to $55.1 billion, while nonrevolving credit dropped by approximately $200 million to $357.4 billion.

The pace of consumer credit growth decelerated during August compared to July. During July, consumer credit grew at an annualized pace of $89.3 billion. During August, the growth in consumer credit slowed to $9.6 billion.

Read the G.19 Report.