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Families take refuge in CUs during economy
PEWAUKEE, Wis. (10/22/10)--Because of their unique member-ownership structure, credit unions have provided Wisconsin consumers a critical safety net in 2010, said the Wisconsin Credit Union League (WCUL) in a press release marking International Credit Union (ICU) Week. Helping consumers stay afloat and also improve their financial position are objectives of credit unions’ REAL Solutions initiative that helps consumers without regard for profit, the release noted. During the year, credit unions have:
* Reconfigured loan terms to help families affected by job losses or health problems make ends meet * Consolidated debt at lower rates for consumers when other lenders applied massive rate hikes * Sorted out complex financial challenges to help members create or manage a budget * Provided free financial counseling or refinancing to prevent home foreclosures * Rescued consumers from payday loan traps that had overwhelmed them * Granted small loans of $500 or less at modest interest rates * Improved or preserved members’ creditworthiness with a variety of special programs and services * Conducted free financial seminars for members, schools and community groups * Made loans to small businesses to preserve jobs and fill the void for available business credit.
Prioritizing people over profits is the fourth of five WCUL press releases celebrating credit union contributions during ICU Week.
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