A new report finds that Georgia’s 2.2 million credit union members saw more than $231 million in direct financial benefits over the course of a year as the result of being a credit union member.
That’s according to the 2018 mid-year Georgia Member Benefit Report from the Credit Union National Association, backed by research firm Datatrac. According to the study, credit union members in the Peach State saw a $109 benefit per member or $229 per household.
“Once people discover credit unions, they tend to embrace the benefits that differentiate credit unions from other types of financial institutions,” Mike Mercer, president and CEO of Georgia Credit Union Affiliates, said in a statement. “Members are the only owners of their credit unions. So the benefits accrue only to themselves.”
In a state of more than 10.5 million people, 25 percent of Georgia’s population are credit union members, and the state serves members across 400 branches, with a collective net worth of more than $23 billion in assets.
One example in the report indicated that financing a new $25,000 automobile for 60 months at the average Georgia CU would save borrowers over $1,300 in interest for the loan’s duration.
The report also reiterated what credit unions have long preached: CUs offer lower average interest rates on both new and used car loans, personal unsecured loans, first mortgage-fixed rate, first mortgage-adjustable rate, home equity loans and credit cards.
