Nearly One-Third of Car Loans Come From Credit Unions
Data from the Consumer Lending Report shows that the most credit card and car loans come from credit unions. This is the nation’s record amount of shares.
According to the Credit Union Times, the report “showed credit unions held 5.8% of the nation’s credit card debt in June, their highest share since the Fed began tracking the numbers in January 1984. It was essentially unchanged from 5.8% in May and up from 5.6% in June 2017.”
The non-revolving debt from credit unions was at its highest: 13.4%, the highest since January 2007. Credit Union Times said, “revolving debt from credit cards and non-revolving loan balances increased from May to June at higher rates than the one-month increases a year earlier.”
Image via CUNA News.