PAYING ATTENTION: Georgia credit union members mirror auto financing trends

April 1st, 201945339 Many Georgia credit union members, like consumers across the country, seem to be steering away from purchasing and financing new vehicles. As of the end of 2018, about 2.2 million Georgians were members of credit unions – about 21 percent of the state’s population. That segment of the state has shown a cooling interest in new auto loans over the past five years, according to data from the Credit Union National Association. In 2013, Georgia credit unions reported a 13.7 percent growth in new auto loans. The very next year, new auto lending exploded at the not-for-profit institutions, which reported 30.8 percent growth. New...

PAYING ATTENTION: Georgia credit union members display financial confidence, responsibility with improving economy

December 27th, 201891343 Despite growing financial comfort, Georgia credit union members don’t appear to be slipping back into dangerous consumer patterns evident across the country just before the Great Recession of 2008. As of the third quarter of this year, 2.2 million Georgians belonged to a credit union;that’s about 21 percent of the state’s population. Data from the Credit Union National Association shows that this segment of the population has been borrowing money in areas including car loans, first mortgages,personal loans and credit cards, at a steadily increasing rate over the past five years. From 2013 until year-end 2018, Georgia credit...

Paying Attention: Georgia credit unions' portfolios show signs of maturing economic recovery

November 21st, 201852406 Annualized lending growth at Georgia credit unions slowed, but remained strong into the second quarter of 2018 as the economy continued to improve. “We continue to see signs of a mature economic recovery,” said Georgia Credit Union Affiliates CEO Mike Mercer. “Loan growth is still robust but moving off the levels we saw in the peak growth years between 2014 to 2016.” Lending grew at 6.8 percent on a year-over-year basis at Georgia’s credit unions in the second quarter. That’s strong growth, but not quite the frenzied 11 percent pace the state’s credit unions experienced during the economy’s peak growth years that...

Paying Attention: Georgia Credit Unions begin 2018 with success

June 29th, 201832338 Georgia credit unions experienced a strong start in 2018. Savings accounts increased by 4.1 percent during the first quarter, according to data from the Credit Union National Association. While that isn’t as strong as the 5 percent growth posted in the first quarter of 2017, it’s about in line with the national average increase of 3.9 percent. Lending also grew steadily in the first quarter of 2018, reaching 1.7 percent in Georgia and 1.8 percent nationwide. Georgia’s lending growth increased by 3.4 percent in the first quarter of 2017. Big ticket items led loan growth at Georgia credit unions. New auto loans increased by...

Paying Attention: Georgia's Credit Unions Finish 2017 with Strong Loan Growth

April 23rd, 201830183 Georgia credit unions finished 2017 with strong loan growth aided by near cyclical highs in U.S. consumer confidence. Lending at Georgia credit unions grew by 1.8 percent in the fourth quarter – eclipsing the third quarter’s 1.5 percent rate but landing short of the 3.2 percent rate in the fourth quarter of 2016, according to data collected by the Credit Union National Association. Lending grew by 8.8 percent at Georgia credit unions for all of 2017, a bit behind the 10 percent growth credit unions experienced nationally. Predictably, holiday spending pushed credit balances upward in Georgia, which contributed to that loan...

Paying Attention: Georgia's credit unions benefit from strong U.S. economy in 3rd quarter of 2017

January 26th, 201856175 The U.S. economy’s strong third quarter helped launch Georgia credit unions toward a fourth-straight year of double-digit loan growth. Unemployment rates in the United States fell to a nearly 17-year low in the third quarter and consumer spending remained strong. That showed in the loan portfolios of Georgia credit unions. By the end of September, lending increased by 10.7 percent on a year-over-year basis, according to data collected by the Credit Union National Association. That about matches the average 10.5 percent year-over-year loan growth for credit unions nationally. Notably, members continued to increase their new...