Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Altra FCU Average credit card balance down
ONALASKA, Wis. (5/27/10)--The national shift in the way consumers use credit cards--with consumers carrying lower balances on average--is reflected on the local level, a Wisconsin-based credit union told a local television station. Altra FCU, based in Onalaska, Wis., was featured on WKBT.com (May 25) discussing the drop in the average balance. The credit union has seen a "definite change" in members' use of credit cards, said Jack Peplinski, chief operating officer at the $731.3 million asset credit union. In the past 12 months, the average credit card balance among Altra's members dropped by roughly 8.5%. Analysts attribute the shift to the recession. Consumers are lowering their credit card debt to save for emergenices and to avoid getting in over their heads in an uncertain economy. The lower balances mean less revenues for credit card companies. Peplinski told the station that the shift is forcing credit card companies to be more creative in finding new sources of revenue. The segment advised consumers they can improve their financial situation four ways: spend less, save more, pay down existing debt and think through the options.
Other Resources

RSS print
News Now LiveWire
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
26 minutes ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
2 hours ago
Are you going to be naughty or nice to your budget with holiday spending? http://t.co/FcN2YPxCIU
2 hours ago
Did U miss the July @TheNCUA open meeting? Now a video recording is available on the agency’s website. Go here: http://t.co/cxGs2bkdKt
2 hours ago
What about creating the Central Bank of #Bitcoin? via @ColoradoBizMag http://t.co/jNOGCxjEEt
3 hours ago