Report: Credit Unions Continue to Help People Afford Life

Georgians received more than $229 million in direct financial benefits during 12 months ending in March 2019

Georgia credit unions continue to offer substantial financial benefits to members, according to the Credit Union National Association’s First Quarter 2019 Georgia Membership Benefits Report.

According to Datatrac, the research firm behind CUNA’s report,credit unions in the state provided their 2.1 million credit union members $229,396,714 in direct financial benefits during the 12 months ending in March. That means,on average, credit union members received the equivalent of $108 each and that households received an average of $226.

Credit unions are member-owned and democratic, allowing these not-for-profit financial institutions to focus their efforts on creating value for members. For-profit financial service providers are obliged to maximize profits for their third-party shareholders. But credit unions’ unique structure allows them to use their revenues to directly benefit consumers. As a result,credit union members often enjoy better service and lower fees.

Credit unions also tend to offer lower average interest rates on personal unsecured loans, fixed-rate first mortgages, adjustable-rate first mortgages, home equity loans, credit cards and new and used auto loans. Anexample cited in Datatrac’s report shows that financing a new $25,000 automobile for 60 months at a typical Georgia credit union would save borrowers an average of $1,135 a year over the life of the loan.

“Credit unions exist to help members afford life, and the industry takes that mission seriously,” said Mike Mercer, president and CEO of Georgia Credit Union Affiliates. “The benefits of credit union membership are undeniable. Each year, more people who see that difference – and become loyal members.”

Georgia’s population stood at 10.63 million as of March 2019, which means credit unions members made up about 20 percent of the state’s population.

With 406 branches across the state and total assets exceeding $24 billion, Georgia’s credit unions are financially strong, convenient and provide great value. For more information or to find a credit union that’s right for you, visit yourmoneyfurther.com.

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