Credit Unions Finish 2022 Strong in Credit Cards

The story of credit union growth in credit cards became brighter Tuesday as the Fed showed strong, consistent gains in the final two months of 2022.

The Fed’s G-19 Consumer Credit Report showed credit unions held $75.6 billion in credit card debt on Dec. 31, up 16.9% from a year earlier — the strongest 12-month gain for any month since December 1995’s 17.2% gain. It grew 2.9% from Nov. 30, compared with average November-to-December gains of 2.0% from 2015 through 2021.

The Fed also revised upwards its estimate for the credit union balance in November. It now shows credit unions held $73.5 billion on Nov. 30, up 15.5% from a year earlier and up 2.8% from October.

In early January, the Fed reported credit unions held $72.6 billion in credit card debt on Nov. 30, up 14.3% from a year earlier and up 1.7% from October. Its November share, then showing 6.2%, is now raised to 6.3%.

Credit unions’ share was 6.3% in December, unchanged from that 6.3% in November and up from 6.2% in December 2021.

Banks also did well in both months, but had no significant revision.

Banks held $1.1 trillion in credit card debt Dec. 31, up 15.3% from a year earlier and up 2.1% from November. Banks’ share was 91.0% in December, unchanged from 91.0% in November and up from 90.6% in December 2021.

The nation’s 10 largest credit unions held nearly half the movement’s credit card debt and had a larger 12-month gain than other credit unions.

The Top 10 ended the year with $34.5 billion in credit card debt, up 20% from a year earlier. Other credit unions held $41.1 billion, up 14.4%.