CHICAGO—With consumers increasingly concerned about inflation and global trade tensions, many are turning to credit to protect their financial futures. And for credit unions, that presents a significant opportunity—if they’re prepared to seize it, one company says.
New data from TransUnion reveals a strong correlation between consumer concerns about tariffs and an uptick in credit-seeking behavior. According to Charlie Wise, SVP and head of global research and consulting at TransUnion, Americans are responding to economic uncertainty not by retreating, but by preparing—often by opening new lines of credit.
Nearly nine in 10 Americans (87%) reported some level of concern about the impact of current or possible tariffs on their household finances; 41% said they were very concerned, according to TransUnion’s latest Consumer Pulse study, which found that consumers now have an increasing interest in securing credit products.
“Consumers who are very concerned about tariffs are much more likely to open new credit cards, take out personal loans, request credit limit increases, or even refinance existing debt,” Wise told CUToday.info. “They want to ensure they have access to funds in case prices rise.”
And while Wise cautions that tariffs may not be the sole cause of this trend, the link is clear: concern over higher prices is driving credit activity.
“Many consumers are thinking, ‘If inflation hits again or goods become more expensive, I want to be ready—I want to have purchasing power and a cushion,’” he said.
Older Consumers Are Driving the Trend
Perhaps surprisingly, it’s not Gen Z or even Millennials leading this credit-seeking trend. It’s older consumers—those with more purchasing responsibilities and a deeper understanding of the economic ripple effects tariffs can cause.
“Younger consumers tend to be less concerned about tariffs,” Wise explained. “They often haven’t lived through similar economic disruptions, and they generally have more optimism about wage growth and their financial future. But older consumers, who are buying cars or appliances and watching costs rise, are far more attuned to the risks.”
A Strategic Moment For Credit Unions
This shift in consumer behavior gives credit unions the moment to step forward—not just as lenders, but as trusted financial partners. Wise believes credit unions are uniquely positioned to meet this need because of their relationship-based model.
“This is a great time for outreach,” he said. “Not necessarily in a mass marketing way—like ‘Worried about tariffs? Come get a loan’—but through those one-on-one conversations credit unions are known for.”
Wise encourages credit unions to lean into their strengths: listening, advising, and building trust.
Charlie Wise
“Sit down with members. Ask them what’s keeping them up at night,” he said. “Find out if they would benefit from a personal loan or a higher credit limit—not to push credit for credit’s sake, but to provide peace of mind.”
Wise noted that many credit unions are already taking this approach—prioritizing education and support over sales.
“It’s about saying, ‘We’re here to help. Let’s talk about what financial tools might give you confidence in uncertain times,’” Wise said.
Preparing For The Next Wave
In addition to tariff-related concerns, TransUnion’s data shows a resurgence of recession fears. While a recession isn’t guaranteed, Wise said the uncertainty itself is enough to prompt financial preparation.
“Anytime there’s economic uncertainty, people start thinking about building a buffer. And credit unions, with their advisory model, are in a perfect place to help members prepare wisely and avoid panic decisions,” he said.
As inflationary pressures and geopolitical tensions persist, the message is clear: consumers are seeking stability, and credit unions can be the bridge between anxiety and action.
“This is a moment where credit unions can really shine,” said Wise. “By offering support, education, and access to the right products—not just credit, but confidence.”