Outstanding Consumer Credit Growth at CUs Accelerated in August

The Federal Reserve is reporting that outstanding consumer credit growth accelerated at credit unions in August.

Total consumer credit balances at credit unions increased by approximately $7.7 billion for August to $485.8 billion. In comparison, outstanding consumer credit at credit unions grew by $2 billion in July.

The growth in consumer credit at credit unions was fueled by an expansion in nonrevolving credit. Nonrevolving credit includes loans for motor vehicles, mobile homes, education, boats, trailers, and vacations.

Nonrevolving credit balances rose by almost $8 billion during August to $421.6 billion.

On the other hand, revolving credit edged lower by almost $200 million to $64.3 billion during August.

Read the G.19 Report.