WASHINGTON—Total consumer credit rose 7.4%, at a seasonally-adjusted, annualized rate, in March and is up 0.9% versus a year ago. Revolving credit, which is primarily credit cards, rose 7.9% during the month but is down 9% compared to March 2020.
Non-revolving credit – primarily auto and education loans – rose 7.2% and is up 4.3% over the year.
"This is the seventh month in a row of consumer credit expansion," said Curt Long, NAFCU's chief economist and vice president of research. "According to the Fed’s April Senior Loan Officer Opinion Survey, banks also eased standards across all three consumer loan categories – credit card loans, auto loans, and other consumer loans. Meanwhile, demand for credit card and other consumer loans remained basically unchanged, and demand for auto loans moderately strengthened. NAFCU expects consumer credit to continue to expand as the economy returns to normal and the jobs market strengthens."
Total consumer credit for credit unions fell 1% over the month; however, total consumer credit for credit unions is up 0.3% from a year prior. Consumer credit at banks fell 3.6% over the year, while financial companies saw a 7.3% rise.
Over the past 12 months, credit unions' share of the market has remain changed at 11.9%. Meanwhile, banks' share fell 1.8 percentage points to 39.4%, and financial companies' share has risen 0.8% percentage points to 13.5%.