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CU Snapshot

 Apr '17Mar '17
# of CUs 5,926 5,953
Members
(millions)
111.2110.7
Total Assets
($ billions)
$1,381.2$1,374.7
Total Savings
($ billions)
$1,161.4$1,163.6
Net Cap.
Assets
10.4%10.4%
Loans to Savings79.3%78.2%
Loan Delinq.0.8%0.7%

         Credit Union Indicators

Where Consumers Spend Their Gas Savings

Lower gas prices make a noticeable difference in many households' finances.

U.S. gas prices have fallen nearly a dollar since a year ago—and American consumers are using the largest share of that savings to catch up on bills, according to a new Gallup poll.

About 42% of consumers say they're using the extra money to "pay down bills," as opposed to "spending it" (24%) or "saving it" (28%).

Consumers who have reaped the largest savings from low gas prices are more likely to pay down their bills, according to Gallup. Among consumers who say lower gas prices have made "a big difference," 53% are paying down bills. Among those who say lower gas prices have made "some difference," 45% are paying down bills.

Overall, 57% of respondents say lower gas prices have made a noticeable difference in their household finances, including 27% who say the lower gas prices have made a "big difference."

Paying bills makes smart financial sense for consumers. On the downside, that a form of spending doesn't bolster the economy because it covers purchases already recorded in the nation's gross domestic product (GDP).

Sluggish spending across the U.S. in the early months of 2015 suggests that lower gas prices aren't contributing to greater spending or GDP growth.

(Via News Now)