Whether your credit union member earns $30,000 a year or $300,000 a year, everyone is feeling the crunch from inflation. And this should come as no surprise, considering inflationary pressure is at a 40-year high. Even so, many financial institutions are reluctant to discuss inflation in a real way and offer tangible steps consumers can use to reduce the impact. However, your credit union could be the lighthouse that helps members weather the storm and navigate their way through the fog. Here are four key marketing messages and campaigns credit unions can use to help your members and your bottom line.

The value of offering your credit union members credit cards has never and will never be in question. Credit cards have become a fundamental linchpin in consumer lending strategies for credit unions. However, not all credit card offerings and strategies are created equally. Specifically, the changing credit card industry makes selecting the best sourcing model more important than ever for credit unions.

Did you know that, according to 2021 fourth-quarter data from the Federal Reserve Bank of New York, Americans have over $856 billion worth of credit card debt? The amount rose tremendously from the third quarter of 2021, increasing by $52 billion. It is the most significant quarterly increase the U.S. has seen within the past 22 years and the third and only spike since the start of 2020.

Today, consumers have access to more ways than ever to pay for goods and services. Whether it's convenient Buy Now Pay Later (BNPL), Cash App, Venmo, PayPal, or embedded payments—they all represent easier, frictionless payment methods for consumers. But that's not all they share in common: they all pale in comparison to the popularity of credit and debit card solutions.

The world of payments is on a fast-paced roller coaster to an all-digital destination. The already speeding locomotive received a jolt of energy via COVID-19, which further increased the demand for digital, online, contactless, frictionless, and speedier payments. While most generations show an interest in digital payments, it comes as no surprise that the largest push is being generated from the rear.