Consumer credit increases 5.5% in August, credit unions see rise
U.S. consumer credit increased a seasonally adjusted 5.5% or $13.6 billion in August, for a total of $3.036 trillion borrowed during the month, according to the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $259.9 billion.
At credit unions, borrowing climbed by $3.4 billion to $259.9 billion from the $256.5 billion in July.
Overall U.S. revolving credit, which includes credit card spending, declined at an annual rate of 1.25%--or $0.9 billion--in August to $848.9 billion from $849.8 billion in July.
Credit unions' revolving credit rose slightly, to $41.1 billion from $40.6 billion in July.
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose at annual rate of 8%--or $14.5 billion--to about $2.188 trillion in July from roughly $2.173 trillion in July.
Credit unions issued $218.8 billion in nonrevolving loans in August, up from $215.9 billion in July.