Credit unions' share of credit card debt was 6.1% in May. (Source: Shutterstock)
Credit union members borrowed more deeply with their credit cards in May, allowing the movement's balances to continue to rise faster than those of banks or finance companies, according to a Fed report Monday.
The G-19 Consumer Credit Report showed credit unions held $63.2 billion in credit card debt on May 31, up 8.4% from a year earlier
Among all lenders, consumers had $1.03 trillion in credit card debt as of May 31, up 4.7% from a year earlier.
Credit card debt rose 5% to $923.9 billion at banks, and fell 9% to $22.1 billion at finance companies in May.
Credit unions' share of credit card debt was 6.1% in May, unchanged from April and up from 6% in May 2018. Banks' share was 89.8% in May, unchanged from April and up from 89.6% in May 2018.
Credit unions have outpaced banks every month since January 2017. However, like other sectors, card growth has slowed in the past year for credit unions. Twelve-month balance growth was 9.6% for both May 2018 and May 2017.
The Consumer Credit Report shows revolving loans, or credit cards, and non-revolving loans, which include automobile loans and unsecured consumer term loans.
Total non-revolving debt was $3.02 trillion on May 31, up 5.4% from a year earlier. Non-revolving debt rose 9.1% to $410.6 billion at credit unions, and 5.5% to $755.2 billion at banks.
Next month's report for June will include the Fed's quarterly estimates for vehicle loans and student loans. It is scheduled for release Aug. 7.
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