Consumer Credit Grows Like The Corn During July, But…

WASHINGTON—Outstanding consumer credit at credit unions showed strong growth in July, according to the Federal Reserve.
“Outstanding consumer credit at CUs grew by $7.4 billion during July to $411.7 billion. This translates into an annual pace of growth of $89.3 billion for the month of July,” reported Keith Leggett, the former senior vice president and senior economist at the ABA on his Credit Union Watch blog.
Revolving credit outstanding at credit unions increased by approximately $800 million during July to $54.1 billion.
Outstanding nonrevolving credit rose at CUs from $350.9 billion in June to $357.6 billion in July, the report shows.