I recently had the opportunity to sit down with Don Arkell, owner of CU Lending Advice. Don is one of the leading consultants in credit union lending. Don regularly helps credit unions all across the country grow their lending, train their staff and improve their policies.
Below is our Q&A:
How can credit unions grow loans in a “growing slowing” economy?
The biggest challenge coming into this next cycle is that we have not seen a rising rate environment in many, many years.
We need to focus at the budget level with the members. In other words, their monthly payments and budget. The rate is not going to be the issue. We have to talk to them about affordability. Our message in sales now is around affordability.
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