ATLANTA (9/14/09)--Loans issued by Georgia credit unions saved their members roughly $70 million during the first half of this year compared to banks, according to Georgia Credit Union Affiliates’ (GCUA) Georgia Credit Union Benefits Index. The report serves as a barometer to help Georgia consumers make informed personal financial decisions, GCUA said. “The index shows credit unions saved Georgians more than $138 million on an annual basis from lower interest rates, higher rates on savings and lower fees,” said Michael Mercer, GCUA president/CEO. The loans issued by Georgia credit unions were for consumer purchases, including new and used vehicles, mortgages, home equity lines of credit and credit cards. Other statistics from the report:
* Loans totaled more than $2.1 billion in the first half of 2009; * Average loan amounts were $12,416 compared with $11,557 in 2008; * Higher rates on savings products yielded $32 million in savings for members compared with banks; * Auto loan rates for new cars were 5.54% for 60 months, compared with 7.14% at banks; * Auto loan rates for used cars were 5.71%, compared with 7.74% at banks; and * Average rates for credit cards were 11.7% for credit unions, compared with 12% at banks.
For more information, use the link below to access the GCUA site.