Coming off another incredible lending year in 2016 for credit unions, everything looks to be hitting on all cylinders once again for 2017. Well, not so fast. It seems there's this little thing called consumer confidence that might dampen our lending flurry: interest rates, debt, election, etc.
The fine folks at Filene Research Institute, in conjunction with Filene Fellows from the University of Arizona Hope Schau and Ignacio Luri, have conducted a consumer borrowing survey that indicates confidence is low -- with over 80% of consumers feeling worried, concerned, or stressed about borrowing. That stat alone might raise a few eye brows in the lending department.
So we invited Filene's very own Managing Director of Research Andrew Downin on the show to provide us with some insight as to what's going on here. Andrew gives us a quick summary of the report, why they conducted it, a couple of key takeaways, and what credit unions can do to capitalize on this revealing information.
Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.