|
|
(EMAILWIRE.COM, November 02, 2011 ) Wilmington, NC -- November 5th is a targeted day for bank customers to switch banks in order to avoid high ATM fees, bank fees, and debit card fees. Many credit unions are hoping to gain marketshare on that day in order to break the doldrums that are infesting their loan portfolios.
Despite positive loan growth in previous recessions, the current economic downturn has led to lending contraction for credit unions. Used auto loans and credit cards remain the only two bright spots industry wide. Interest rate risk avoidance strategies and the lack of consumer demand demand have generated year-over-year portfolio contraction for nineteen straight months. Credit union loan portfolios peaked in October, 2009, but are down by $9.3 billion.
Mortgage portfolios are suffering from the lack of an interested public and historically low interest rates. Used vehicles are a viable option for profit margins, but credit unions may have to consider loosening their approval criteria to maximize profits from this segment. The economy is not going to improve anytime soon. In order to survive, it maybe time to adapt.
About SubprimeAutoLoanLenders.com:
Unfortunately for prospective borrowers with credit scores of 620 or less, getting a used car loan from a credit union can be difficult. Credit unions are typically more lenient than banks when it comes to problematic credit, but a service such as SubprimeAutoLoanLenders.com is often a better choice for people who need to find a lender willing to extend subprime auto loans during this economy.
Subprime Auto Loan Lenders
PR Dept
9102086761
contact@subprimeautoloanlenders.com 
Source: EmailWire.com
|
