PEWAUKEE, Wis. (9/9/14)--As U.S. credit unions continue to celebrate reaching the 100 million membership milestone, Wisconsin Gov. Scott Walker officially commended credit unions in his state on the historic achievement--and on their many contributions to consumers' and communities' financial wellness.
|(Source: Wisconsin Credit Union League)|
"Adding the 100 millionth membership is exciting but somewhat abstract," said Wisconsin Credit Union League President Brett Thompson. "Where people really find meaning in is the significant savings that credit unions' unique ownership structure offers them. Anyone looking to stretch a paycheck farther can save mightily--from hundreds to thousands of dollars annually--depending on the financial services they use. It's no wonder 1 in every 3 Americans has chosen the credit union difference."
By using a credit union instead of a bank, the average Wisconsin consumer can save $635 in interest on a new car loan, pay four percentage points less in interest on a credit card balance--providing hundreds or thousands of dollars in annual savings--and access to free checking.
Last year 2.4 million Wisconsin consumers saved almost $100 million thanks to their credit unions' more consumer-friendly rates on loans and savings accounts and lower and fewer fees, and millions more beyond that by refinancing loans obtained elsewhere at credit unions' lower rates.
The sooner a young person begins using a credit union the more he or she can save over a lifetime, now estimated at around $117,000. Wisconsin credit unions have saved state consumers more than $1 billion since 2007, according to the league.