For credit union executives, these are exciting times
Numbers don’t lie, and the statistics suggest that credit unions are growing within the United States. Membership at credit unions increased by 0.9 percent in the first quarter of 2015, according to the Credit Union National Association. During the 12 months from April 2014 to March 2015, membership rose 2.9 percent, well above the national population growth, which saw a 0.7 percent increase.
For credit union executives, this is wonderful news. The more members a credit union has, the more money at its disposal to hire employees, hand out loans and help members make investments. However, executives should know that while more Americans than ever before are choosing to join credit unions, these same people are changing how they invest their money.
Credit card debt dropping
One of the biggest changes in thinking among American consumers concerns debt. Paying off debt is an issue the affects many people. The average American owes more than $7,000 in credit card debt, according to financial blog NerdWallet. If citizens with no debt are eliminated from the equation, then the average person has an outstanding credit card balance of more than twice that, a total of $15,706.
