DULUTH, Ga. (3/7/14)--Total lending numbers edged savings for Georgia credit unions in 2013, according to a Georgia Credit Union Affiliates report, potentially signaling brighter days ahead for the state's economy (
Collectively, the state's 138 credit unions enjoyed a 6% increase in total lending over the 12-month stretch. Total savings balances, meanwhile, crept up 2.81%.
Both automobile loans and housing drove the lending gains, with new- and used-car loans climbing 11.2% and 7% respectively, while first- and second-mortgage loans rose by 5.9% and 2.3%.
"Family finances have been squeezed for a long time," said GCUA President/CEO Mike Mercer. "We're pleased to see more people participating in the recovering economy, moving past the uncertainty of the great recession (and) having the confidence to engage in household formation activities and in upgrading their vehicles."
Credit card balances at the Peach State's credit unions experienced a 2.9% increase, unsecured loans rose 6.7% and transaction account balances climbed 7.12%.
At the same time, credit quality improved with credit union member bankruptcy filings dropping by almost 25%.
The 2013 report also found:
- Regular savings account balances increased by 7.72%;
- Money market account balances grew 5.38%;
- IRA/Keogh account balances decreased 1.57%;
- Transaction account balances increased 7.12%; and
- Georgia credit union membership grew by 2.57%.