Newsroom
November 08, 2017
Consumer credit sees fast growth pace in September
Total consumer credit rose at a seasonally adjusted annual rate of 6.6 percent in September – the fastest pace since last November, noted NAFCU Chief Economist and Vice President of Research Curt Long.
Consumer credit saw an increase of 4.2 percent in August and 5.7 percent in July (all seasonally adjusted annual rates). From a year ago, total consumer credit was up 5.6 percent.
Non-revolving credit, which is mostly motor vehicle and education loans, increased 6.3 percent in September, while revolving credit, which is primarily credit cards, rose 7.7 percent. Non-revolving credit and revolving credit both increased 5.6 percent from the prior year.
"Growth was led by revolving credit, which exceeded $1 trillion for the first time since January 2009," said Long in a NAFCU Macro Data Flash report. "Non-revolving credit also had strong growth during the month as vehicle sales surged after Hurricane Harvey."
Total consumer credit for credit unions rose 1.1 percent in September from the previous month, compared to a 0.5 percent increase for banks and a 0.1 percent decrease for financial companies. In the third quarter, total consumer credit at credit unions rose 3.2 percent, while banks increased 2 percent and financial companies decreased 0.5 percent.
Credit unions' share of the total consumer credit market remained at 11 percent in September, while banks had 40.9 percent and financial companies held 14.3 percent of the market. Credit unions' portfolio of consumer credit was up 12.1 percent over the past year.
Consumer credit saw an increase of 4.2 percent in August and 5.7 percent in July (all seasonally adjusted annual rates). From a year ago, total consumer credit was up 5.6 percent.
Non-revolving credit, which is mostly motor vehicle and education loans, increased 6.3 percent in September, while revolving credit, which is primarily credit cards, rose 7.7 percent. Non-revolving credit and revolving credit both increased 5.6 percent from the prior year.
"Growth was led by revolving credit, which exceeded $1 trillion for the first time since January 2009," said Long in a NAFCU Macro Data Flash report. "Non-revolving credit also had strong growth during the month as vehicle sales surged after Hurricane Harvey."
Total consumer credit for credit unions rose 1.1 percent in September from the previous month, compared to a 0.5 percent increase for banks and a 0.1 percent decrease for financial companies. In the third quarter, total consumer credit at credit unions rose 3.2 percent, while banks increased 2 percent and financial companies decreased 0.5 percent.
Credit unions' share of the total consumer credit market remained at 11 percent in September, while banks had 40.9 percent and financial companies held 14.3 percent of the market. Credit unions' portfolio of consumer credit was up 12.1 percent over the past year.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Register Here Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.