Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs help members turn around financial woes
MADISON, Wis. (4/26/10)--Credit unions are helping their members turn their financial situations around, by offering help through counseling or savings products. Sheila Jensen is one individual who was helped by a credit union--Affinity Plus FCU in Duluth, Minn. Jensen had troubled paying her bills when she accumulated credit card debt, and went to Affinity for help. The credit union helped her improve her finances through financial counseling (Duluth News-Tribune April 12). Jensen met with the credit union every week to work on her budget and bill payments. She paid her bills with automatic withdrawals and cashiers’ checks. She stopped using personal checks to resist spending, and the credit union helped Jensen deal with collection agencies and set up payment plans for back taxes. Jensen also was given a cash allowance each payday. With the credit union’s help, Jensen paid off her debt, and learned how to budget and manage her money. Her credit score has improved, and she’s feeling more in control of her financial situation, the newspaper said. Kristina Wright, vice president of communications for the Minnesota Credit Union Network, said credit unions are known for their member service. Some credit unions have financial counselors on staff, while others outsource counseling. Credit unions will try to work with their members, especially during the housing crisis and recession, she said. Duluth Teachers CU also offers financial counseling. Bryan Lent, assistant vice president of lending, told the newspaper his staff will provide income and debt comparisons to members as a tool to help them better manage their money.
Other Resources

RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
6 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
7 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
9 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
12 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
12 hours ago