DULUTH, Ga. — Georgia Credit Union Affiliates has tracked a number of credit unions across the state that are helping members stay afloat in the midst of a tidal wave of high gas prices, rising food costs and other recession-like signs.
The $17 million Etowah Valley FCU has a short-term loan for members to help pay for back to school supplies as well as a loan product that cuts payments in half for six months for those who have lost their jobs. Members at $57 million CSRA FCU can restructure their accounts, including certificates and shares totaling more than $100,000, free of any withdrawal fees.
Lifestyle hardships such as a divorce or medical emergencies are being eased by $21 million Georgia Power Valdosta FCU, which is allowing its members to skip one payment once they have made three consecutive payments on auto and signature loans.
“No matter your income, everyone is feeling the squeeze of the economy these days,” said Mike Mercer, president of Georgia Credit Union Affiliates. “Credit unions are owned by their members, who are everyday people trying to make ends meet. So they operate specifically for the benefit of the members.”
According to the league, 1.7 million Georgians are members of credit unions.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
