Outstanding Consumer Credit Falls for a Second Month

WASHINGTON—Outstanding consumer credit at credit unions fell for the month of May, according to the Federal Reserve's G. 19 report. This was the second monthly decline in 2019.
At the end of May, outstanding consumer credit at credit unions was $473.7 billion. This was down from $475 billion in April, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
“As a reference point, total outstanding consumer credit across all lenders increased during May to $4.0449 trillion from $4.0212 trillion in April,” Leggett said.
The decline in consumer credit at credit unions was due to a drop in nonrevolving credit. Nonrevolving credit fell by approximately $2.6 billion during May to $410.6 billion, Leggett added.
“On the other hand, revolving credit posted an almost $1.4 billion increase to $63.2 billion,” he said.