Credit unions gain record share of plastic
Credit unions in February held their largest share of the nation’s credit card debt ever as the nation’s credit debt remained near record levels, according to the Federal Reserve’s monthly Consumer Credit report released Friday.
Credit unions held $52.3 billion in credit card debt in February — 5.5% of the nation’s total.
Credit unions also held an all-time record of $337.3 billion in non-revolving loans in February, up 12.7% from a year earlier. For credit unions, about 90% of these loans are for new and used cars. The rest include private student loans, boat loans and other non-revolving consumer credit.
Banks held $687.0 billion in non-revolving consumer credit, up 6.2% from a year ago and down slightly from their all-time peak of $688.3 billion in January.
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