Paying Down Debt Is More Attractive Than Saving for Some Members
The slowdown of savings growth at credit unions may be attributed to members wanting to pay down their high-cost debt first.
It's one of the factors mentioned in CUNA Mutual Group's June "Credit Union Trends Report," which tracked figures through April. According to the data, on a year-to-date basis, savings were up 3.3% but far below the 7.1% gain for the same period in 2009. Overall, savings growth stood at 6.5% for the industry as of April.