The Great Credit Race is On!

Here are the facts:

2011 marked the beginning of retirement for Baby Boomers

Many Boomers borrowed from their 401(K) plans to get them through the recession

Many Boomers were led to believe home prices would more or less double every decade, a belief that many baby boomers to neglect retirement savings.

Jane White, author of “America: Welcome to the Poorhouse,” explains that many boomers will still have mortgages and home equity loans when they’re ready to retire – something past generations didn’t have to worry about.

But this is something credit unions do need to worry about.  For the first time in credit union history the largest generation IN US history is going to die with enormous debt. And unless they are insured, that debt goes to their estate – which most won’t have – so it will go to your charge-offs.

Did you know that the average age of the credit union borrower is 2-5 years OLDER than the average age of their entire membership?

Why is this?

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