The economy is slowing improving, yet the consumer is still reluctant to take on new credit for their purchases. Total outstanding consumer debt fell $35 billion from January to February.
- Credit Unions had $231.6 billion in outstanding consumer debt in February, down approximately $3 billion from the January numbers according to the Federal Reserve.
- Revolving debt at credit unions fell approximately $700 million, while overall revolving debt fell approximately $32 billion.
- Non-revolving credit at credit unions for car and boat loans was down $1.7 billion from January to February. The overall outstanding non-revolving credit was down $43 billion in February compared to January.
We think this trend will continue as people pay down their debt and borrower less.