How credit unions can drive growth with unsecured lending
Inflation and a rising cost of living are weighing down today’s consumer, leading to record levels of credit card debt and contributing to increased financial stress for individuals and families across the country. According to the Federal Reserve Bank of New York, Americans currently hold $1.12 trillion in credit card debt, which is a leading cause of financial stress. Now more than ever, consumers are looking for convenient and affordable ways to reduce debt and alleviate financial anxieties. In the digital age, consumers are increasingly looking to online providers for a solution, leaving traditional financial institutions behind. Despite community institutions’ high level of trust, their perceived lack of digital tools and consumers’ tendency to shop rates online has put these financia...