You Have to Want to Change Your Behavior

I recently received a comment back from Rick-who wanted to know-basically, how these services can really help their situation, given the current state of the economy-I wanted to share it with all of you. We’re not miracle workers-but we can help. The change, begins with you.

Hi Rick,

Can Hopewell Federal fix it for our members? No-only the member can fix it or work on the fix. HFCU can offer the financial advice to help the member and maybe some financial products also. Are we successful in helping members fix it? Too many times the answer is no, because it is not easy. It takes real sacrifice and discipline for a member to want to turn their financial life around. It is much easier to ignore the problems and hope they will go away but they never do. Some members feel bankruptcy is the answer but that just creates a new problem. When one files bankruptcy that put a new mark on their credit report and I don’t care what any bankruptcy attorney says, it does not make you a good credit worthy borrower, immediately after the bankruptcy is complete.

Think about it, when we borrow money or buy on credit, we are promising to repay the debt. When we fail to do so, that brings one’s character into play. We don’t keep our promises, so we lose the trust of those we borrow from. It takes time to rebuild that trust.

 Now can managing money help with your gas bill? I would say yes, but also that you have to manage the use of your transportation needs to help manage the money. Group your trips together to conserve. Carpool for work if possible. You might not think of it as managing your money but if your manage your use of the car, you in a sense are managing your money.

Rick, there are no easy answers when it come to one’s personal finances. But budgeting is what one can do, to help get a handle on it. It takes hard work and sacrifice to get ahead financially.

Thanks for your question,




2 Responses

  1. I am woman, in my mid-30’s who can’t get a simple bank loan to buy a very small business. I didn’t want to burden any friends or relatives for a loan, so I went to the bank instead, nope not a CU. The loan I need is for $160,000, but my debt to income ratio is to high….well of course it is, I went back to school at the age of 30 to become a hairsylist. I went back to school and my income was cut in half and I thought I could manage my bills and school etc.

    Well, since then I have accumulated a bit of debt and apparetly too much to get a loan. Even though the business has great cash flow and I have never been late on a payment….I’d rather starve then not pay a bill. Anyway, this is where this posting comes in….can you help me pay my bills? or loan me $ for my business? or have any good advice on how to get my credit score up? Anything helps….thank you.

  2. Cinda,

    I wish I could give a simple yes or no but that’s not possible, as I don’t know the specifics of you current situation. Can we do a business loan? Yes, if it meets the requirements. I would need to know if the business includes real estate. That would make a big difference.

    Could we consolidate some of your current bills into one smaller monthly payments? Depends upon how much is owed and if there is any security.

    I would really need for you to talk with one of our member service associates so they can get a better handle on your current financial situation.

    We also have a financial consultant on staff that could offer his help in budgeting and planning to improve your credit score.

    This blog is not the medium to address your situation but please stop in at one of our office and we’ll see what we can do to help. Eli, our financial consultant is at our Newark branch if you would like to visit with him.

    Best wishes as you try to start your own business.


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