Despite low interest rates, borrowing will remain weak as consumers focus on cutting debt they have, the chief economist for a credit union trade group says.
“People are saving a lot more than they used to,” Credit Union National Association economist Bill Hampel told Connecticut credit unions recently.
In fact, Hampel said, the forecast from now and into 2011 is for a marked decline in loans, the first time CUNA economists have predicted such for future credit union performance.
Hampel predicted moderate savings and asset growth going forward for credit unions. However, interest rates will remain low along with continued weak loan growth.
