WASHINGTON—U.S. consumer credit rose by 5.5% ($13.6 billion) in August for a total of $3 trillion borrowed during that month including nearly $260 billion borrowed from credit unions—an increase of $3.4 billion over July, according to a report released yesterday by the Federal Reserve.
The nation’s revolving credit—including credit card spending—declined by $0.9 billion (an annual rate of 1.25%) during August, slipping from $848.9 billion to $848.8 billion. Revolving credit at CUs rose slightly, however, from $40.6 billion in July to $41.1 billion in August.
These numbers are seasonally adjusted from the Fed’s Consumer Credit Report.
Non-revolving debt was also on the rise at credit unions, rising from $215.9 billion in July to $218.8 billion in August. Overall, non-revolving debt—including car loans, mobile homes, college tuition and more—rose by 8% ($14.4 billion) to about $2.188 trillion in August.
