www.CUNA.org/newsnow (8/10/09)--Overall consumer credit in the U.S. decreased at an annual rate of 5.25% during the second quarter, according to statistics released Friday from the Federal Reserve. However, credit at credit unions was up.
Revolving credit for the quarter decreased at an annual rate of 8.25%, while nonrevolving credit dropped at an annual rate of 3.50%. In June, consumer credit decreased at an annual rate of 5%.
Credit totaled $2,502.7 billion, seasonally adjusted, in June, compared to $2,513 billion for May and $2,535.8 billion for first quarter. June's revolving credit totaled $917 billion and non-revolving credit added up to $1,585.7 billion, both seasonally adjusted.
On a non-seasonally adjusted basis, credit for second quarter totaled $2,485 billion, compared with $2,516.9 billion first quarter. At credit unions, credit during second quarter-- on a non-seasonally adjusted basis-- totaled $235.9 billion. That compares with $235.6 billion in May and $234.8 billion for first quarter.
Credit unions' revolving credit totals included $33.5 billion (out of a total $911 billion revolving credit) for June. That compares with $33 billion in May and $32.2 billion in first quarter.
Non-revolving credit at credit unions for the period totaled $202.4 billion out of the total $1,574 billion overall. That compares with $202.6 billion in May and $202.7 billion during first quarter for credit unions.