Consumer Credit Hits Year’s High, Credit Up At Credit Unions

U.S. consumer credit in May surged by the biggest amount in a year,  and borrowing in all areas at credit unions also increased, according to the Federal Reserve’s Consumer Credit  report released today.

Overall borrowing increased $19.6 billion–following a $10.9 billion gain in April–to reach nearly $2.84 trillion, seasonally adjusted.

Total revolving debt hit $856.5 billion–a $6.6 billion gain from 849.9 billion in April. Total nonrevolving debt–which comprises student and auto loans but not real estate loans–increased $13 billion to nearly $1.93 trillion in May.

At credit unions, members borrowed $252.8 billion in May, up from $251.2 billion in April and $231.2 billion at the end of the second quarter, not seasonally adjusted.

Revolving data show that credit union members borrowed $39.9 billion in May, up from $39.5 billion in April and $37.4 billion at the end of the second quarter.

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