Business As Usual at HFCU

Today is a monumental day of sorts … as President Obama signed the stimulus package. $787 billion, that is a LOT of money that our kids and grandkids will have to pay for later.  Do you ever stop to think how many zeros go behind the $787? I have. I do believe that congress had to act to help turn the ailing economy around and like the President said, “it will take time for this to work”.  

Meanwhile, the banks are going to get another bailout and from what I hear- the numbers range from $1 to $2 billion or more. I would say, that the greed of corporate America is costing all of us plenty. Let’s face it folks, the  “good times” are over, and our country is in the re-building mode.

However, in the midst of all this turmoil, our member-owned credit union is doing very well in meeting our member’s needs. We have not received any rescue funds from the Treasury, nor will we.  Plain and simple, we do not have risky investments in our credit union portfolio. We are lending money to members for home mortgages, car purchases, consolidation loans, and more.  As always, the member has to demonstrate that they have the ability and willingness to repay the loan. The money we lend to members belongs to the other members, thus why we’re a “cooperative” so we must exercise care in our lending practices.

Even though we need to spend to get out of this recession, I also want to point out the importance of savings, in times like today. We never know when the unexpected might happen, so having a savings account is really important. It’s savings that can help us through the tough times and make our payment, if our income is disrupted. I would encourage you to spend wisely for the goods and services you need.

-Al

P.S.

I returned from vacation to find the Cammie is on the ball, the yoga ball, in her office that is… She’s determined to see this challenge through and will update you soon on her ball vs. gym savings experiment. She’s been using it, instead of a chair for more than a week. And while I can’t say for sure or not that she’s seen definite benefits, it sure has provided some humor when we walk by her office.

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