Georgia Members Grow Savings by Nearly 11%
Saving for a rainy day continues to be a top priority for some Georgia credit union members.
The Georgia Credit Union Affiliates reports that savings deposits among credit union members increased by 10.59% in 2011.
According to a GCUA Paying Attention report, 44.4% of Georgia members said they intend to use tax refunds to pay down debt, and 36.1% of them plan to put the refund towards savings.
The quarterly report combines savings and lending data from 38 credit unions statewide that represent 91% of credit union assets, 84% of members in Georgia and poll responses from more than 2,400 members.
While Georgians' trend of saving is not new, the recent focus on repaying debt and postponing loans could mean consumers are rebuilding their confidence and are determined to regain sound financial security, the GCUA said.
The report also revealed that bankruptcies filed by Georgia members decreased by 15.12% in 2011. Last year, business lending grew by 13.83%, used car lending continued its growth at a rate of 7.67% and first mortgage balances increased by 8.94%.