Consumer lending by credit unions grew more than twice as fast as banks in July, with gains in credit cards and non-revolving loans.
The Federal Reserve System's Consumer Credit Report released Friday showed total consumer debt stood at $3.7 trillion on July 31, up 5.9% from a year earlier. Credit union consumer debt rose 13.5% to $411.7 billion, while banks' rose 4.5% to $1.5 trillion.
Credit unions fared well in both revolving loans, which are primarily credit cards, and non-revolving loans. Among credit unions, vehicle loans account for about 90% of non-revolving loans, but vehicle loans in the total amounts are diluted by significant levels of student debt on government books.
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