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Total consumer credit for credit unions rose 0.2 percent in August from the previous month, according to a NAFCU Macro Data Flash report, but NAFCU's Curt Long expects consumer credit growth to pick up in the coming months in the wake of storm recovery efforts.

"Consumer credit growth decelerated somewhat in August as non-revolving credit growth slowed," said Long, NAFCU's vice president of research and chief economist. "However, revolving credit grew by the fastest pace since May. While consumer confidence was negatively affected by the recent hurricanes and dipped slightly in September, consumer credit growth will likely be boosted by the replacement needs in the next few months."

Total consumer credit rose 4.2 percent in August; it grew 5.7 percent in July. Total consumer credit for banks increased 1 percent from July and decreased 0.2 percent for financial companies.

Non-revolving credit – primarily vehicle and education loans – increased at an annual rate of 5.5 percent in August, while revolving credit – mostly credit cards – rose 5.4 percent.

Credit unions' portfolio of consumer credit increased 11.6 percent over the past year, giving credit unions 11 percent of the market. Banks' market share fell to 41 percent, while financial companies' share dropped to 14.4 percent.