ARLINGTON, Va. — Economists in general have forecast a slowdown in consumer lending in 2007, but new figures give hope for vehicle lending, NAFCU Chief Economist Tun Wai said.
Looking at the recently released consumer installment credit figures from January, Wai said, "While revolving consumer credit increased significantly in December, the January figure indicates a general slowdown in credit card expansions after Christmas." He said to expect credit union loan growth to decline from about 7.9% in 2006 to around 6% in 2007, partly because of the general economic slowing and also the light vehicle component.
However, Wai cited data from the Center for Media Research that found 12.1% of consumers plan to buy a car in the next six months, up from the February 2006 figure of 11.8%, but down from 15.9% in February 2002.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
