BATTLE CREEK, Mich. - When it comes to surviving the financial crisis, members want tips on how to stretch their grocery dollars as much as they do advice on how to manage their debt.
That's what United Educational Credit Union here learned when it held its Financial Survival Fair to provide members with a wide range of information to help them through the tight economy. For one day at each of its three locations, the $82-million credit union had information-and experts to speak with-about programs to help members avoid foreclosure, ways to prevent falling behind on home payments and other obligations, budget counseling, energy saving methods, and more.
"What members were most interested in was how to save money on their grocery bills," pointed out UECU Executive Assistant Joan Miller. "Everyone is trying to squeeze a dollar out of a dime these days."
Despite the attention given to battling rising food costs, there was a great deal of interest in all of the information, especially from one member who recently lost her job.
"She worked for Archway and they closed their doors without telling employees," Miller said. "The member came to the fair and told me that she wasn't sure what to do. She pretty much picked up all of the information we had available. I think that gave her some hope."
The fair's goals were to raise members spirits, give them information they need in these tough times, and let them know the credit union is willing to help, Miller explained. "We're not here just to sell products. We're here to make their lives easier."
Miller said UECU expected the fair would also arm members with knowledge that might help them avoid slipping toward default, and also send a message that it's all right to ask for assistance. Although the credit union's delinquencies have remained "level," Miller said the CU believes members are often afraid to ask for help, and when trouble comes, it's too late.
"We see that through our collections department," Miller said. "We'll see members file bankruptcy before we even know they are delinquent. They just give up. It's important now to send a message to members that it's all right to ask for help."
At the fair, the credit union also promoted its Loan Health Checkup, where members bring in their budget and income information and a staff member reviews the data to find ways to restructure debt and manage money better.
The fair cost UECU less than $2,000 and was well worth the expense, since it further separated the credit union from local banks, Miller said. The one-day event capped off a week-long celebration of Credit Union Week, where the CU had special programs each day.
Miller said the credit union expects it will run the event again next year if the economy dictates and the CU's budget permits. "It was successful," Miller said. "Our members really appreciated what we did for them, and they understand that we care about what they are going through. They really liked the food tips, too, like the one about making two casseroles at once and freezing one. That way when you're pressed for time one night you don't go running off to the fast food restaurant and waste money. Just take the casserole out of the freezer."
