Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Altra FCU Average credit card balance down
ONALASKA, Wis. (5/27/10)--The national shift in the way consumers use credit cards--with consumers carrying lower balances on average--is reflected on the local level, a Wisconsin-based credit union told a local television station. Altra FCU, based in Onalaska, Wis., was featured on WKBT.com (May 25) discussing the drop in the average balance. The credit union has seen a "definite change" in members' use of credit cards, said Jack Peplinski, chief operating officer at the $731.3 million asset credit union. In the past 12 months, the average credit card balance among Altra's members dropped by roughly 8.5%. Analysts attribute the shift to the recession. Consumers are lowering their credit card debt to save for emergenices and to avoid getting in over their heads in an uncertain economy. The lower balances mean less revenues for credit card companies. Peplinski told the station that the shift is forcing credit card companies to be more creative in finding new sources of revenue. The segment advised consumers they can improve their financial situation four ways: spend less, save more, pay down existing debt and think through the options.
Other Resources

RSS print
News Now LiveWire
.@TIME recognizes @Affinityplus foundation's Sandy Olson as a #TIMEMoney hero http://t.co/XoDf2cF2Aj
54 minutes ago
League of Southeastern #CreditUnions supports state's adoption of nat'l fin. ed. standards #NewsNow http://t.co/xtqvwgBI1E
59 minutes ago
Refinance your auto loan at a #creditunion? Save big bucks, says @daily_finance author http://t.co/jUP8Yl894T
2 hours ago
.@TheCCUL rolls out @CUaware sessions next week http://t.co/rmhCDfGldW
2 hours ago
Faces, stories begin to fill @CUNA's #100M membership website http://t.co/eIlG4IR4Gv
3 hours ago