Payment Industry Insider

No surprise there, at least there shouldn’t be. I mean if somebody doesn’t buy (consumers), there is no business, and if there is no business the economy recedes, and it becomes what we call a recession.

I was reading a CUNA News Now article dated April 15th by Bill Hampel. In it he was telling the Associated Press (AP) that the recession is consumer-led. I guess he had to do that; apparently they didn’t get it.

So what does this mean? Well, people are finally realizing that they have to cut back. They have unmanageable debt and they don’t have any savings to relieve some of that debt. And most don’t have any home equity to draw from – a combination of they’ve used it all up and the decline in real estate values.

The government can’t fix it! Unless they are willing to give every consumer a few thousand dollars – or more! But where are they going to get the few thousand dollars? You guessed it! Taxes – from the very people they just gave the few thousand dollars to.

How about looking at some more creative ways to stimulate consumer spending?

I read another CUNA News Now article the same day as Hampel’s article. This one was an op-ed piece in the El Paso Times, written by Imelda Loya, president of the El Paso Chapter of Credit Unions. In it she says there is only one solution to the economy/recession: Credit Unions!

She was focusing on access to credit, most specifically for small businesses. She contends that if Congress is really serious about getting the nation’s economy back on track, one place to start would be to release the power of not-for-profit credit unions.

Let’s focus on solutions, not keep focusing on the problems. Recognize the problems, yes, but then think SOLUTION!

And credit unions are a good place to start. What do you think? How can CUs help consumers get back on track?