AP: Consumers' new money mindset includes CUs
NEW YORK (9/24/09)--The recent recession has created a new mindset for consumers to take control of their finances, and one way to do that is to join a credit union, according to a Tuesday Associated Press article.
"In ways big and small--from scrutinizing their bills and joining credit unions to scaling back weddings and college plans--people are finding creative ways to deal with the worst recession in a generation," the article said. "In short, there's a quiet revolution taking place in the way people save, borrow and spend that represents a retreat from old habits, and the first steps toward new ones."
The article, "Meltdown gives consumers new money mindset," by Candice Choi and Eileen AJ Connelly, says that because credit is harder to obtain nowadays, people are becoming more creative in locating sources of money.
"Bank loan balances declined by 4.6% for the year ending in June," the article said. "But credit union loan balances rose by 4.5%, according to industry associations. Credit unions--which are nonprofits and weren't as tangled in subprime mortgages--are in better shape to make consumer loans."
For the full article, use the link.
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