Credit unions gained a slightly larger share of the nation's credit card debt in July as banks held steady and finance companies lost share, the Federal Reserve Bank reported Monday.
The Fed's G-19 Consumer Credit Report showed credit unions held $64.5 billion in credit card debt on July 31, up 8.4% from a year earlier. Credit unions' share of credit card debt was 6.2% in July, compared with 6.2% in June and 6% in July 2018
While overall credit union loan growth is slowing, credit cards have held up better than most other sectors. Credit cards now account for 5.9% of all credit union loans, up slightly from a year ago.
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