ARLINGTON, Va.—Total consumer credit rose 5.2% in August (seasonally adjusted, annualized) and is up 5% versus a year ago.
NAFCU Chief Economist and Vice President of Research Curt Long credited the results to "strong growth in the non-revolving credit-sector."
"Non-revolving credit has not seen a decrease since April 2011," said Long in a NAFCU Macro Data Flash report. "The revolving segment decreased at an annualized rate of 2.2%, the third decrease of the year. Households have strong balance sheets and the scope for further increases in credit."
As CUToday.info reported, total consumer credit for credit unions increased 1.6% in August from the previous month, compared to a 0.7% increase for banks and a 0.4 increase for financial companies. From a year prior, total consumer credit at credit unions rose 6.5%, while banks saw a 5.1% increase and financial companies saw a 0.8% increase.
Credit unions now own 11.8% of the market, up just slightly from a year ago. Meanwhile, financial companies' market share fell from 13.6% to 13.1% over that period, while banks' share decreased 0.2% to 41.5%, Long said.