ARLINGTON, Va.—Total consumer credit rose 2.8% in September (seasonally-adjusted, annualized) and is up 4.9% versus a year ago.
NAFCU Chief Economist and Vice President of Research Curt Long credited the results to continuous growth in the non-revolving credit sector, despite the slowdown.
"Households have strong balance sheets and the scope for further increases in credit, but the Fed’s latest senior loan officer survey confirmed that lenders are continuing to tighten underwriting standards, particularly for higher-risk borrowers," said Long in a NAFCU Macro Data Flash report.
Total consumer credit for credit unions increased 0.2% in September from the previous month, compared to a 0.1% increase for banks and a 0.2 decrease for financial companies. From a year prior, total consumer credit at credit unions rose 5.4%, while banks and financial companies saw a 5% increase and 1% increase, respectively.
Credit unions now own 11.8% of the market, up just slightly versus a year ago. Meanwhile, financial companies' market share fell from 13.5% to 13% over that period, while banks' share was essentially unchanged at 41.5%, Long said.