Credit union issued credit cards largely held their balances and even grew a little as Americans continued their retreat from other issuer's cards, according to Federal Reserve data.
The Federal Reserve Bank of New York reported that open credit accounts overall declined by a net 59 million as consumers or card issuers closed 217 million accounts while they opened 158 million.
But the bank's quarterly report on household debt and credit also reported that credit account inquiries within six months-an indicator of consumer credit demand-rose for the second quarter in a row.
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