CUs keep record share of credit cards
Although, growth rates have been trending down.
Credit unions maintained their record share of credit cards in February with balances rising twice as fast as other lenders.
The Fed’s G-19 Consumer Credit Report released Friday showed credit unions held $61.5 billion in credit card debt in February, up 7.4% from a year earlier.
Like autos and first mortgages, the trend has been for slower growth rates. The 12-month growth rate for card balances was about 10% last summer, and fell to 6.9% in January.
Credit unions’ share remained at its all-time record 6% of U.S. consumer credit card debt in February, unchanged from January and up from 5.8% in February 2018.
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