WASHINGTON — Borrowing was up at credit unions in September, according to the latest Federal Reserve consumer credit report.
CU borrowing rose to $262.5 billion, a $2.6 billion increase from August. Overall, members borrowed $13.74 billion more in September, a 5.5% increase (5.25% annualized). Outstanding consumer credit totaled $3.051.7 trillion, compared with $3.038 trillion in August.
Cardholders carried smaller balances in September, with revolving credit falling to $846.9 billion from $848.9 billion in August, the fourth consecutive monthly decline.
However, revolving credit did not drop for credit unions ($41.1 billion), holding steady from August.
Overall, non-revolving credit increased in September by $16 billion to $2.205 trillion borrowed for the month, up from $2.189 trillion in August. Credit union non-revolving credit climbed to $221.4 billion in September, up from $218.8 billion the previous month.
