Newsroom
April 08, 2015
Consumer credit up in February
Consumer credit increased 5.6 percent in February, largely due to consumers taking advantage of low interest rates to buy vehicles and pursue higher education, according to a NAFCU Macro Data Flash.
NAFCU Chief Economist and Director of Research Curt Long analyzed data from the Federal Reserve and found that non-revolving credit – mostly vehicles and education loans – increased at an annual rate of 9.4 percent. However, the 5 percent drop in revolving credit during February – mostly credit cards – was the largest since April 2011.
"Economic activity was weak in the first quarter but should pick up as the weather improves and the labor market continues to strengthen," Long wrote. "Total consumer credit growth at credit unions continues to outperform banks and financial companies, expanding by 1.1 percent in February while banks decreased 1.4 percent and financial companies fell by 0.2 percent."
Long also noted that credit union consumers' credit market share increased from 9.2 percent to 9.3 percent in February and is up from 8.6 percent a year ago.
NAFCU Chief Economist and Director of Research Curt Long analyzed data from the Federal Reserve and found that non-revolving credit – mostly vehicles and education loans – increased at an annual rate of 9.4 percent. However, the 5 percent drop in revolving credit during February – mostly credit cards – was the largest since April 2011.
"Economic activity was weak in the first quarter but should pick up as the weather improves and the labor market continues to strengthen," Long wrote. "Total consumer credit growth at credit unions continues to outperform banks and financial companies, expanding by 1.1 percent in February while banks decreased 1.4 percent and financial companies fell by 0.2 percent."
Long also noted that credit union consumers' credit market share increased from 9.2 percent to 9.3 percent in February and is up from 8.6 percent a year ago.
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