Government Employees CU interviewed six member households on film about every aspect of their finances - with no GECU rep present to ensure honest feedback. Below is a look at what GECU found in three of those households.
Chocolate Eclairs & Jimmy Stewart
Debbie & Jeff: Middle class credit union members. Jeff has refused to get an ATM card despite being a CU member for 12 years, and admitted he hasn't been inside GECU in a "long time." Debbie and Jeff pay off their credit card every month, and use a Discover Card for the cash-back feature. They own three homes, all of which are paid for, and three other pieces of land, also paid for. When the videographer asked Debbie and Jeff if they felt a sense of community at the credit union, Jeff responded, "No, it quit being a community when they quit serving the chocolate éclairs at the annual meeting." But Debbie added, "Credit unions give you a Jimmy Stewart, 'It's A Wonderful Life' feeling."
"The message here was that it's the simple things that people connect with," was the analysis of the firm that conducted the interview.
Embarrassed By Credit Card Debt
Lisa and Dante: A married couple in which the husband has been unemployed for some time. When Lisa took over the budgeting recently, she discovered they had $70,000 in outstanding credit card debt. In the video Lisa was clearly embarrassed by their situation. "We still live a little beyond our means," said Lisa. "The house payments are a priority and I hope to pay the house off. We'd like to be out of debt in seven to 10 years."
"There was no talk of using a financial advisor, even though they were unsure of where they stood," said Julie Norvaisas, senior research analyst with Design Concepts. "This woman felt she had nowhere to turn, and she didn't think of GECU as a resource. This is what a lot of people go through every day. It's real and it's raw."
Added Stephanie Norvaisas, "These people feel there is no one available to help them avoid bankruptcy, but there will be lots of help available if they do declare bankruptcy."
Afraid To Enter The Credit Union
Suzanne: A twice-divorced, single mom, Suzanne had had her car impounded. She uses check-cashers to cash checks, has almost no savings and no checking account. To pay her bills she uses 99-cent money orders, even though she knows it costs her more. She admitted she has no idea what her credit looks like, but assumes it is bad. "She wanted to belong to the credit union but she felt she had been blackmarked by them," said Julie Norvaisas.
Added Stephanie Norvaisas, "She is totally fear-based. She has no idea what her credit score is and she is too embarrassed to go into the credit union."
