November 17th, 20173087A large percentage of credit union consumers are struggling financially.
That’s according to a recently concluded year-long study by the National Credit Union Foundation and reported by the Credit Union National Association. The grant-funded study recorded consumers’ financial health check-ups with the Center for Financial Services Innovation, an organization dedicated to improving Americans’ financial lives.
“Measuring member financial health metrics alongside business metrics enables credit unions to understand whether they are making a quantifiable difference in their members’ financial lives,” Foundation Executive...
September 18th, 201748103
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September 18th, 201733116An article by Cheat Sheet discusses why Americans aren’t saving money. Not only are Americans not saving money, they’re also going into debt. According to the article, the key to success when it comes to financial health is paying attention to money. Read more below.
Americans are notoriously bad savers. We have such of a hard time saving any money, that when the national savings rate manages to increase, it causes economic concerns. We’re the biggest consumer market in the world. We shop like it’s a sport, eat like kings, and leverage our personal balance sheets so we can live in McMansions and drive the latest fancy cars....
September 18th, 20170118Not everybody knows exactly what makes a credit union unique or why credit unions are such a great choice for consumers. Even with 2.1 million memberships in Georgia, credit unions are still often lumped in with banks in the public consciousness. This is understandable, since credit unions offer services like personal and business accounts, credit cards and loans.
But make no mistake. There are significant differences.
Most of these differences revolve around their structure and purpose. Banks are corporate entities that exist to deliver profits to their shareholders. Credit unions are member-owned, not-for-profit cooperatives. They...
September 18th, 2017079With the holidays approaching, most of us could use a little extra cash. Well, a recent article by CU Insight offers consumers five money saving tips.
In the article, the author mentions the following ways to save a little extra money:
Always carry cash, be kept accountable for spending activities, write down every penny spent, turn down the thermostat to save on the power bill and skip brand names.
September 18th, 201796178What if you could easily reduce expenditures each month to free up room for a vacation or leisure expense?
While not an official term, “budget hacking” means finding money within fixed expenses — and not simply through reduced latte runs and cancelled social outings.
Users of this strategy review their recurring (fixed) expenses and call on companies to reduce their bills, according to an article by Kendal Perez, US NEWS.
One example is a woman who was able to reduce a fixed expense by $141 each month, just by calling up the company and requesting a better rate.
While cutting back on eating out and unnecessary movie...
September 18th, 201767107HPAL Tip of the Week:
Target a non-revolving loan and treat it as priority!
Non-revolving debt, such as a car loan, does not permit you to borrow again while you are paying it down. Watching those loans decrease and eventually disappear will keep you encouraged and motivated. Pick one non-revolving loan, target it as a priority and watch what happens!
You are encouraged to use these weekly tips on your website, social media pages or in other communication with your members to illustrate one more way credit unions help people afford life. If you have a tip you would like to share with the HPAL Listserve, please...
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