NEW YORK (7/22/10)--Good Morning America
Wednesday featured a segment about a savings makeover for a New Jersey family, the Shoblocks. The family received refinancing on their car loan and mortgages from a New Jersey credit union. Good Morning America
correspondent Elisabeth Leamy, author of “Save Big,” took the Shoblocks to the East Windsor branch of McGraw-Hill FCU, which is based in Hightstown, N.J., so they could refinance their auto loan and their mortgage. The family will save $1,995 on their car loan over the next four years.
The family opened a low-interest credit card at the credit union and transferred their existing credit card balances. The Shoblocks will garner savings of about $16,000 with the new credit card, and their credit card debt is expected to be paid off in less than one year. The new mortgage also would save the family $55,000 over the next 10 years. Robin Shoblock had written to Leamy for help with the couple’s debts. The Shoblocks have seven children, and were struggling after Gary Shoblock lost his job and Robin had returned to school to earn a teaching degree. With Leamy’s help, the family saved a total of $108,602. “I’m speechless,” Robin Shoblock said when she learned how much McGraw-Hill could help her. “It’s just so hard to come up with ways to thank you guys for your help.” Leamy got the idea to reach out to a credit union after appearing as a guest on the Credit Union National Association’s (CUNA) Home and Family Finance radio show. CUNA provided background and put her in contact with the New Jersey Credit Union league, which worked with Leamy to find a credit union the couple could join--McGraw Hill FCU. To see the Shoblocks’ full savings makeover, use the link.