Consumer Credit at CUs Fell in April Due to Pandemic Economic Disruption

The Federal Reserve reported on June 5 that outstanding consumer credit at credit unions fell in April, according to its G. 19 report.

Total outstanding consumer credit declined from $489 billion in March to $476.7 billion in April, due to economic disruptions arising from COVID-19. This would translate to an annualized decline in consumer credit at credit unions of $147.4 billion.

Both revolving and nonrevolving credit at credit unions declined in April.

Revolving credit fell by $2.6 billion in April to almost $61.7 billion. This is the fourth consecutive monthly decline in outstanding revolving credit at credit unions.

Nonrevolving credit tumbled in April by $9.6 billion to approximately $415.1 billion.