ONTARIO, Calif.–New data and analysis have been released revealing how the 11 million credit union members in California are spending their money, offering a barometer into what’s happening across the local economy, according to the California Credit Union League.
According to the league’s 1st Quarter Credit Union Trends Report for California, which represents 324 credit unions, the data show consumers of all ages are making money decisions in the current environment that are consistent with expanding job-growth and economic trends when compared to history.
Among the findings:
- CU members continue taking on first-mortgages to purchase or refinance homes. First-mortgages rose 14%, hitting a record $58 billion. (This may include fixed-rate, adjustable-rate, purchase, traditional refinance, and cash-out refinance mortgages, the league said)
- Members are turning home equity into cash for remodeling or other large purchases. home equity lines of credit and second-mortgages rose 3%, reaching $9.9 billion—an amount not seen since 2012
- Members are hitting the road in new and used vehicles. Used auto loans rose 16%, hitting a record $19 billion. New auto loans rose 30%, hitting a record $16 billion, the league said
- Members “remain true” to the habit of paying for life through their credit cards. Credit card lending rose 7%, hitting a record $5.4 billion
- Credit union members trying to save more money and increasingly using credit unions to transact purchases/bill-pay. Total deposits rose 11%, hitting a record $156 billion (including record individual amounts in checking, savings, and money market accounts), the league said