Credit unions continued to build balances with credit cards and consumer term loans even amid signs auto loan balances among all lenders have stalled since last September, according to a Fed report.
The Fed's Consumer Credit Report released Tuesday showed credit unions held $80.3 billion in credit card debt, up 7.6% from a year earlier. The balance fell 0.4% from February, compared with the 10-year average February-to-March drop of 0.1%. Balances typically fall in the first three months of the year as households pay down balances from holiday spending, often with the help of tax refunds.
Credit unions' share of credit card debt was 6.3% in March, unchanged from a year earlier and February.
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