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Credit Unions in Line With Record Credit Card Growth

The credit card growth rate for credit unions has reached its highest in years.

By Jim DuPlessis | Updated on January 09, 2018

U.S. credit card debt rose at its fastest rate in 23 years to top $1 trillion in November, with credit unions expanding their revolving credit nearly as briskly.

The October-to-November increase was 2.6% nationally, the biggest October-to-November gain since card debt rose 3.71% in 1994, led by a 2.9% increase among banks. Credit unions increased their revolving consumer debt 2%, the biggest October-to-November gain in five years, according the Federal Reserve’s Consumer Lending report released Monday.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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