Credit union loan growth in Georgia was broad-based in the second quarter with all tracked categories increasing over the first quarter. With an uptick of 3.4 percent in the quarter, total lending was up 12.2 percent over the course of the previous 12 months.
 
With more confidence in the economy, people are more comfortable buying big-ticket items, automobiles in particular. New-vehicle loans with credit unions grew by 30 percent as of June 30, 2015 compared to June 30, 2014 and by 5.3 percent over the first quarter of 2015. Used-auto loans were up 4.2 percent in the second quarter of 2015 compared to the first quarter and by 16 percent compared to June 30, 2014. First mortgages increased 2.8 percent since the first quarter of 2015, other unsecured loans were up 2.2 percent since the first quarter and credit card balances grew by 1.8 percent since the first quarter of 2015.

Georgia consumers continue to benefit from positive economic conditions across the state:

• More people are working in Georgia. The unemployment rate inched lower, ending the second quarter at 6.1 percent, down from 6.3 in the first quarter. The rate has continued declining in the third quarter, currently standing at 6 percent.

• Fuel prices continue declining, with regular gasoline averaging $2.41 a gallon across the U.S., down from $3.36 in 2014. In Georgia, the current average is $2.20 per gallon as of Sept. 14.

• Housing prices are up since last quarter, which is a sign of a healthy market. Georgia's seasonally adjusted Federal Housing Finance Agency's purchase-only housing price index remained in the top half of the country, ranking 23rd nationwide.

• Along with more people working came fewer bankruptcies. Georgia credit union borrower-bankruptcy filings continued their decline in the second quarter with 2,086 filings, a decline of 0.33 percent from a year ago.

"Economic conditions have been on a steady incline for several years and it's not surprising consumers are becoming more confident with their spending habits," said Georgia Credit Union Affiliates President and CEO Mike Mercer. "Overall, membership and loan growth at Georgia credit unions continues to be positive, evidence that consumers are doing better and that credit unions provide meaningful value in supporting their activities."

According to data compiled by Informa Research Services, on a five-year $30,000 new-auto loan the credit union advantage saves the average Georgia consumer more than $500 over the life of the loan.
 
Total savings at Georgia credit unions - which include savings and money market accounts, IRAs, CDs and other forms of investment accounts - reversed course in the second quarter, falling by 0.5 percent from the first quarter while still up 3.4 percent over this time a year ago.

Low interest rates kept members focused on short-term liquid accounts. While checking account balances at credit unions dipped 1.9 percent, regular savings and money-market accounts both saw gains of 0.1 percent and 0.8 percent, respectively.
 
Georgia consumers clearly recognize the benefits of credit union membership. Total memberships in the state's credit unions grew by 1 percent in the second quarter and 2.1 percent in the first six months of 2015 - boosting the number to 2.1 million by the end of the second quarter.