Credit unions performed worse than banks in building credit card debt in May, while outperforming banks on automotive and other consumer term loans, according to the Federal Reserve.
The Fed's G-19 Consumer Credit Report released Monday showed credit unions held $81.5 billion in credit card debt, up 6.5% from a year earlier and up 0.8% from April, compared with the 10-year average April-to-May gain of 1.3%.
Credit unions' share was 6.3% in May, unchanged from either a year earlier or April, while banks' share was 90.8% in May, up from 90.7% in April and 90.4% in May 2023.
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