The Honolulu Star Bulletin did a story on the Aloha State's residents' eighth-best credit score rank, based on an Equifax national survey for 2006. Credit for good credit was given to both banks and credit unions, which tend to be more conservative in lending than aggressive mainland lenders, noted Wendy Burkholder, executive director of Consumer Credit Counseling Services of Hawaii. The Asian population is also thrifty and saves more. The states with the highest credit scores were Wisconsin, Minnesota and Vermont. The lowest? Texas, Georgia and Mississippi.
The State.com of South Carolina gave a nod to credit unions trying to help consumers coping with mounting credit card debt. "Most credit unions offer their members free access to financial planning and management services, usually up to and including debt repayment programs," they reported, citing Palmetto Citizens FCU, www.palmettocitizens.org, S.C. State CU, www.scscu.com, South Carolina FCU, www.scfederal.org, and SAFE FCU, www.safefed.org.
The Business Review of Western Michigan ran a piece on CUs increasing their share of auto lending to 10% in 2006 compared to 3% in 2004. Better rates are the reason, they said, quoting the Michigan CU League, with the state's average interest rate for a 48-month new-car loan at 6.14% as of Feb. 28, while Michigan bank averages for the same loan were 7.35%. "If the consumer's going to get an auto loan that's 1% better-let's say the new car purchase is $25,0000-that's $250 a year in savings on interest," said MCUL CEO Dave Adams. "Multiply that by 1.7 million units, what you come up with is $425 million of savings nationwide."
