Newsroom
January 10, 2017
Total consumer credit, confidence up in November
Total consumer credit rose at a seasonally adjusted annual rate of 7.9 percent in November (the fastest pace since May), with consumer credit for credit unions rising 0.4 percent on a monthly basis. NAFCU Chief Economist and Director of Research Curt Long said consumer confidence has surged since the election.
"However," he said in a NAFCU Macro Data Flash report, "long-term rates have climbed and short-term rates are expected to rise further. Uncertainties about the new administration's economic and trade policies also add downside risks."
Non-revolving credit, which is mostly motor vehicle and education loans, increased 5.9 percent, while revolving credit, which is primarily credit cards, was up 13.5 percent in November.
From a year ago, total consumer credit was up 6.3 percent. Non-revolving credit increased by 6.2 percent, while revolving credit increased 6.4 percent from the prior year.
Credit unions' share of the total consumer credit market remained at 10.2 percent in November and is up from 9.6 percent a year ago.
Banks saw a 1.5 percent increase in total consumer credit in November, and financial companies saw a 0.3 percent decline. Banks had 40.3 percent and financial companies held 17.9 percent of the market in November.
"However," he said in a NAFCU Macro Data Flash report, "long-term rates have climbed and short-term rates are expected to rise further. Uncertainties about the new administration's economic and trade policies also add downside risks."
Non-revolving credit, which is mostly motor vehicle and education loans, increased 5.9 percent, while revolving credit, which is primarily credit cards, was up 13.5 percent in November.
From a year ago, total consumer credit was up 6.3 percent. Non-revolving credit increased by 6.2 percent, while revolving credit increased 6.4 percent from the prior year.
Credit unions' share of the total consumer credit market remained at 10.2 percent in November and is up from 9.6 percent a year ago.
Banks saw a 1.5 percent increase in total consumer credit in November, and financial companies saw a 0.3 percent decline. Banks had 40.3 percent and financial companies held 17.9 percent of the market in November.
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