Reports show that Credit Unions are lending out more money than they are receiving in deposits. From home and auto loans to credit cards, each loan type has increased dramatically over the last few years. Lending has increased to an average of one billion dollars per day in the first half of 2013. Auto loans contain the most fuel behind the lending fire. Credit unions took advantage of the credit crunch by lending to members. They have continued to take advantage and they continue to grow.
New car loans, used car loans, lower rates, higher automobile costs, and refinancing all add to the highest growth segment of loans in the lending industry. Consumers refinance current loans from other companies with credit unions because credit unions have the ability to offer lower rates, resulting in lower monthly payments. With North Dakota leading with 37.6% increase in lending, it is evident that the pace continues to grow in lending.
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