No Crisis of Credit at Vantage
Sub prime mortgages. Credit swap defaults. Collaterized debt obligations. A “crisis of credit.” All of us have heard the financial jargon in the media, and making sense of it all is not easy. The bottom line is: a credit crisis does exist in a large segment of our economy and it’s impacting thousands of businesses and consumers. The good news is: a credit crisis is not happening at Vantage Credit Union and we continue to lend money every day.
Hello, my name is Eric and I oversee your credit union’s operations. It’s my job to ensure we deliver superior service to you in the branches and by telephone. I also make sure we’re fulfilling our primary role as a credit union—lending money responsibly to our members.
In preparing for this first blog post, I became aware of a graduate student named Jonathan Jarvis and The Crisis of Credit Visualized video he created for his thesis work at the Art Center College of Design in Pasadena. Using simple art, along with some tongue-in-cheek humor and factual information, Jonathan concisely explains the sequence of events leading up to the financial meltdown on Wall Street and Main Street.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo
Going forward in this blog, I plan to share my thoughts and observations about various financial topics that probably impact you. My hope is that you will share your thoughts as well. I look forward to hearing from you.
Let me know what you think of this video!
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Comments
http://biz.yahoo.com/ap/090320/meltdown_credit_unions.html?sec=topStorie...
Is this the start of things to come in the Credit Union industry?
Thanks for the comment and the link post. This article concerns our corporate network (which does not serve consumers). We are currently writing a couple posts to address this article. Check back shortly...
Great video but the credit crisis is surely having an impact on our credit union with home loans and car loans? The borrower (Main Street) needs to take more accountability in their agreement to lend funds because they are equally responsible for the crisis as the bankers (Wall Street) who leveraged the borrowers funds.
You are correct on both points -- Vantage is seeing higher loan delinquencies and charge offs than we're accustomed to -- mostly for vehicle loans. However, we're fortunate because most of our members repay (so we don't have a "crisis"). Bottom line...accountability and responsibility apply to all parties involved when entering into a loan contract. Thanks for your comment!
That was a great illustration on what is currently happening with our economy. I think your video was very informative and entertaining.
Glad you like it. Thanks for the feedback.
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