While consumer spending remained flat in the first quarter of 2016, loan growth among credit union members was unusually strong.

Credit union loan growth equaled 0.3% in February, for a 0.9% increase on an annual basis, according to CUNA's monthly credit union estimates.

CUNA Chief Policy Officer and Chief Economist Bill Hampel said February's loan increase was the strongest recorded since the early 2000s.

Auto loans led the overall loan growth. Used car loans increased 1.2% while new car loans increased 0.9%, according to CUNA.

Fixed-rate first mortgages and home equity loans both inched up by 0.3%.

The loan to savings ratio also remained healthy, according to CUNA, posting at 76.8%, which is expected to jump to 80% at the end of this year and reach 85% by the end of 2017.

Savings balances rose by 2.1% in February, led by share drafts at 5%, regular shares at 3.3% and money market accounts at 0.8%.

Total credit union memberships rose 0.5% to 106 million, CUNA reported.

Despite this positive loan growth trend and the improving U.S. economy, however, anxious American consumers, who account for more than 70% of U.S. economic activity, apparently are not spending.

In January and February, personal spending was nearly flat at 0.1% and 0.2%, respectively, according to Dr. Dan Geller, a San Francisco-based behavioral economist who developed the Monday Anxiety Index that he claimed predicts economic trends.

Geller's April preliminary Money Anxiety Index stood at 64.0, the same reading in March, but it is lower than the 68.4 reported in April 2015.

The Money Anxiety Index measured various economic indicators and factors associated with consumers' level of financial worry and stress. The higher index numbers indicated higher levels of anxiety among consumers, which affected their spending.

Similarly, the U.S. Commerce Department reported in March that consumer spending rose, but only marginally, by 0.1%, which also matched consumer spending in January.

There are two reasons why consumers may have money anxiety, according to Geller.

“The U.S. is in a heated election year that offers two extreme views on the future of the U.S. economy,” he said. “As a result, consumers are more cautious about their spending not knowing which way the economy is headed – far left or far right.”

What's more, consumers have been constantly exposed to the latest news on terror attacks around the world and the threat of terror attacks in the U.S., which may be making Americans cautious about spending.

“Since we expect a heated election year and the threat of terrorism to continue throughout 2016, it is very likely that we will continue to see some form of economic paralysis for the rest of the year,” he said.