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Error details: Error: INTERNAL_ERROR for f5cf6264-12ad-e75a-c47c-c5ebb9003493: {"response":{"errors":[{"message":"INTERNAL_ERROR for f5cf6264-12ad-e75a-c47c-c5ebb9003493","locations":[{"line":93,"column":7}],"path":["articlePackages"],"extensions":{"classification":"INTERNAL_ERROR"}},{"message":"INTERNAL_ERROR for f5cf6264-12ad-e75a-c47c-c5ebb9003493","locations":[{"line":115,"column":7}],"path":["youmightlike"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2021/04/09/new-autos-credit-cards-continue-slump-in-february/","canonicalUrl":"https://www.cutimes.com/2021/04/09/new-autos-credit-cards-continue-slump-in-february/","generatedId":"heg45ekjjlg","naturalId":"blogAndPostId/blog/post/413-176683","recombeeId":"413-176683","type":"ARTICLE","postFormat":"news","kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"New Autos, Credit Cards Continue Slump in February","readtime":"3","timeToRead":"3 minute","prettyModified":"April 25, 2024 at 03:52 PM","prettyDateTime":"April 09, 2021 at 11:40 AM","needToKnow":[],"byline":"Jim DuPlessis","nofollow":false,"showDisclaimer":true,"authors":[{"name":"Jim DuPlessis","description":"Jim covers economic data trends emerging for credit unions, as well as branch news and dividends. 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But it might also reflect longer-term shifts in attitudes and behaviors around credit.","Bill Handel, chief economist and general manager of Raddon, a subsidiary of Fiserv, said consumer debt loads have fallen drastically since the Great Recession, including the years before the pandemic and during it.","Part of it might be changes in how millennials, ages 21 to 41, approach debt. Part of it might reflect baby boomers naturally shifting down their borrowing as they approach retirement.","\"We don't know how persistent this will be,\" he said.","Meanwhile, <a href=\"https://www.cutimes.com/2021/03/10/2021-starts-slower-for-credit-union-lending/\" target=\"_blank\">CUNA's Monthly Credit Union Estimates</a> released Thursday showed familiar 12-month patterns from recent months as new car balances fell, used car balances had tepid increases and first mortgages gains continued to lead the portfolio.","New car loans fell 4.3% to $141.5 billion in February, the lowest balance since June 2018. The 4.3% drop for new cars was the largest 12-month drop since September's 4.5% drop, which was the largest since at least August 2014.","New car loans had already begun to slip before the pandemic with heavier price competition, especially from captives. Used car loans, where credit unions are strongest, have also seen increased competition from captives.","Used car loans at credit unions grew 4.1% to $241.4 billion. A year earlier, from February 2019 to February 2020, it rose 3.8%.","Consumer term loans, which including Paycheck Protection Program (PPP) loans, grew 11.9% to $51.7 billion. A year earlier, it rose 5.8%.","First-lien mortgages grew 13.3% to $525.6 billion in February, about twice the growth rate from February 2019 to February 2020.","Second-lien mortgages fell 9.5% to $84.4 billion. A year earlier, it rose 2.6%.","The CUNA report estimated the nation's 5,279 credit unions had 127.3 million members in February, a 3.2% gain from February 2020, compared with 3.5%% growth a year earlier. The report also showed these estimates for February and 12-month changes: <ul> <li>Fixed-rate first mortgages rose 18% to $406.8 billion.</li> <li>Adjustable-rate first mortgages rose 1% to $122.1 billion.</li> <li>Second mortgages fell 13% to $29.9 billion.</li> <li>Home equity lines of credit fell 7% to $55 billion.</li> <li>Total loans grew 5% to $1.2 trillion, compared with 6.8% growth a year earlier.</li> <li>Assets grew 16.7% to $1.93 trillion, compared with 9.4% growth a year earlier.</li> <li>Savings grew 19.6% to $1.66 trillion, compared with 9.1% growth a year earlier.</li> <li>Capital grew 7.3% to $195 billion, compared with 10.7% growth a year earlier.</li> <li>Loans per member grew 1.8% to $9,400, compared with 3.2% growth a year earlier.</li> <li>Savings per member grew 15.9% to $13,032, compared with 5.4% growth a year earlier.</li> 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