ATLANTA—Consumer borrowing was up the first quarter of 2015 at Georgia's 133 credit unions, although the rate of increase has slowed somewhat from the fourth quarter, according to data released by Georgia Credit Union Affiliates.
Vehicle lending remained the top performer for the state's credit unions to start 2015, with new auto loans posting a 7.2% gain over the last quarter of 2014, and used auto loans growing by 2.7%. Also finishing in the positive were business and first mortgage loans, which had increases of 1.5% and 1.4% respectively.
Total lending at Georgia credit unions increased 1.8% in the first three months of 2015, a slight decline from a 2% increase the last quarter of 2014, the GCUA said.
The GCUA added that as is usually the case after the holidays, Georgians were paying down their debt in the first part of the year. With credit card balances down by 5.2% in the first quarter of 2015 compared to the fourth quarter of 2014. Other unsecured loans were down 3.6% and second mortgage loans decreased by 2.1%.
In conjunction with the healthy economy, total Georgia credit union savings balances experienced a rapid upswing in the first quarter, growing by 3.8%. Credit union checking account balances grew 8.1% in the first quarter of 2015, while regular savings balances were up 6.1% and money market account balances increased 2.7%.
Membership in Georgia’s credit unions now tops two-million.
In Maine, more than 4,000 new members joined during the first quarter of the year, according to the Maine CU League. The new members bring to 655,716 the total number of CU members in Maine, a new record high.
Also during the first quarter, assets increased $137 million to $6.57 billion for the state's 60 credit unions, the Maine league said. A harsh winter helped to keep loan volume cold, with loans up just $10 million during Q1. Shares at Maine credit unions grew by $158.8 million for the first quarter, a 3% increase, to $5.6 billion.