ARLINGTON, Va.—Total consumer credit fell 5.3% in May on a seasonally-adjusted, annualized basis, but it is up 0.9% versus a year ago, according to new data.
It’s a number that will continue to decline as the number of coronavirus cases rises, predict NAFCU Chief Economist and Vice President of Research Curt Long.
"Revolving credit sunk by more than 2% on a non-annualized basis in spite of the fact that the virus was abating across the nation in May," said Long. "Nonrevolving credit bounced back as auto sales stabilized."
Total consumer credit for credit unions decreased 1.2% in May, compared to a 0.8% decrease for banks and a 0.7% increase for financial companies. From the previous year, total consumer credit at credit unions fell 0.7%, while banks and financial companies saw a 2.2% drop.
Credit unions now own 11.6% of the market, down from 11.7% over the past 12 months. Meanwhile, banks' share fell 1.3% to 40.3%, while financial companies' share decreased 0.1% to 13.1%.