“The New Hampshire Credit Union (NHCUL) Greenlight Loans are truly a win-win for homeowners and the environment,” stated Michael L’Ecuyer, President of Bellwether Credit Union. L’Ecuyer, who chairs the League’s Community Outreach Committee said, “These loans will help home owners make a real and lasting investment in their home, while reducing their long term energy consumption and costs – which ultimately benefits the environment.”
The initiative began when the New Hampshire Credit Union League surveyed its’ membership at the beginning of 2009, to establish a community outreach initiative that benefited consumers statewide. The idea of helping consumers reduce their household expenses, build wealth - while promoting a “green initiative” - was one that the state’s 26 credit unions embraced. Next the League brought together a group of credit unions to participate in the initiative. It was determined that a simple a simple approach would work best. Each of the credit unions set forth its own approach to making energy conservation loans. Several of the credit unions created new products, while others chose to use their existing unsecured (personal) and secured (real estate) loans. The common thread is the commitment the New Hampshire Credit Union League made to aggressively promote and provide these loans, while educating consumers about cost cutting energy options. “We’ll be there to assist consumers with making energy efficient upgrades to their home. If a homeowner could reduce energy savings via a new furnace, improved insulation, installation of energy efficient winds and doors – we want to help. Renewable energy options - such as solar panels - are options the League would also embrace. People need to know that they have access to financing for these projects – with minimal reporting requirements,” added L’Ecuyer.
The New Hampshire Credit Union League Greenlight Loans initiative will be promoted through an aggressive public awareness campaign and online via the League’s consumer information website. On the site, consumers will have contact information on participating credit unions, as well as research best practices in energy conservation, potential tax incentives and grants opportunities for certain projects.
The success of the Richard D. Mahoney Credit Union Charity Golf Tournament and the NHCUL’s overall support of Make-A-Wish have grown over in the last several years. NHCUL Chairman, John R. Young, was extremely pleased with the amount raised by the NHCUL in spite of a challenging economic climate. Through the support of 120 golfers, dedicated volunteers and four corporate sponsors: Equifax/APPRO Systems Inc., SYNERGENT, Tricorp Federal Credit Union and Premier Sponsor, Beliveau, Fradette, Doyle & Gallant - the NHCUL was successful in raising a total of $140,000 for NH’s Make-A-Wish, said Young. The golf tournament is our largest fundraising event of the year for Make-A-Wish. In addition, credit unions throughout New Hampshire, continuously conduct fundraising events including candy bar sales, a year-long calendar raffle and baseball games to raise additional funds for Make-A-Wish, added Young.
Raising more than one million dollars over the past thirteen years was a significant milestone for NHCUL and I attribute this to our 13 member Social Responsibility Committee, our 26 credit unions, employees, corporate donors and the more than 403,000 credit union members in New Hampshire. NHCUL is proud to be acknowledged, to date, as the largest corporate donor to New Hampshire’s Make-A-Wish, said Young.
Julie P. Baron, CEO of the Make-A-Wish Foundation of New Hampshire, an organization that strives to grant wishes of children with life-threatening medical conditions, praised the League and the Social Responsibility Committee for their contributions and efforts throughout the year. It is the sheer joy of a wish that is the most powerful medicine of all. Our partners, the credit unions across New Hampshire have made that possible for thirteen years, said Baron.
The New Hampshire Credit Union League is a trade group representing New Hampshire’s 26 consumer-owned credit unions. Credit Unions are not-for-profit financial cooperatives and offer a variety of consumer financial services to over 403,000 New Hampshire residents and more than 85 million Americans
]]>The program uses an in-class curriculum during the school year to teach participants important skills that will equip them to handle money responsibly, set and adhere to budgets, and avoid the pitfalls of debt. The program culminates with a simulated real-world CU 4 Reality Fair, where the student participants create a spending plan based on a salary, and balance needs versus wants, to make sure they are living within their means.
To complete their course of studies, the students attend a fair where they speak with representatives of auto dealership, cable TV, clothing, food and utility representatives and others to help them understand the many expenses they will face in adulthood.
According to recent reports, nearly a third of all high school seniors use at least one credit card or use ATM cards. In addition, more than three-quarters of seniors have a savings or checking account. However, just 20% of high school seniors graduate with any formal instruction in personal finance.
The CU 4 Reality curriculum creates a fun and interactive learning environment where students can practice specific financial management skills and learn early on the consequences of debt when it comes to financial matters.
Developed by the Financial Literacy Education Committee of Americas Credit Union Museum, in conjunction with the New Hampshire Credit Union League, the CU 4 Reality Program, which is in its fourth successful year, gives students the opportunity to participate in a hands-on event that propels them through the personal financial management process, including career selection, budgeting for housing, transportation, luxuries, and more.
At the CU 4 Reality Fair, each student receives a file detailing the personal information specific to their career choice. It includes their monthly gross income and students calculate their take-home pay and create a monthly spending plan as they progress through booths representing various categories of expenses they can expect to incur. Students make decisions about what they would spend on various items such as food, clothing, housing, transportation, insurance, home furnishings, savings, investments, entertainment and credit.
Americas Credit Union Museum promotes the heritage of the credit union movement through the preservation of credit union industry history. Additional information about CU 4 Reality program and the museum can be found at www.acumuseum.org and www.cu4reality.org.
Over the year these credit unions had aggregate growth in assets of 11.74% growing to $4.22 billion from $3.8 billion at the first of the year. This figure exceeds the national growth rate of 7%.
Savings in New Hampshire credit unions are up by 9.13% since the beginning of the year. Nationally savings grew by almost 7%.
Some of that money may have been deposited by new credit union members. The data show that New Hampshire credit unions have added approximately 23,000 new members in 2009 which represents a 5.7% increase.
Despite the fact that consumer has been hearing a great deal about the credit crunch Granite State credit unions are ready to meet their borrowing needs. Loans outstanding at New Hampshire credit unions have grown by 7.5% or $330 million dollars since the beginning of the year. Loans were up nationwide by 6.7%
Throughout 2008, NHCUL members have been busy making auto loans and this new initiative Invest in America, is another example of the ongoing commitment of the NHCUL members to meet the auto financing needs of New Hampshire residents.
Credit unions of New Hampshire have a reputation for offering competitive, no-nonsense rates, and couple these rates with Invest in America incentives, New Hampshire consumers can do exceedingly well.
The General Motors Credit Union Member Discount Program and Chryslers Credit Union Member Cash discounts were negotiated independently and offer unique and distinct terms. The programs, running from now through June 30, 2009, offer General Motors supplier price discounts or Chrysler rebates of $500 or $1000 on eligible vehicles. For specific terms, please stop by your local New Hampshire credit union or visit http://www.lovemycreditunion.org
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Ways to combat Credit Card Debt.
There are many ways you can fight back the overwhelming fees charged by credit card companies and save your hard-earned money in the process.
1.If you own your house and have some equity you could take out a home equity loan or refinance your mortgage. Equity is the difference in what you owe compared to what your home is worth. Here is and example, you owe $150,000.00 on your mortgage and your house is appraised at $250,000.00. Your equity in your home is $250,000.00 – $150,000.00 = $100,000.00.
A Home Equity Loan is a fantastic option for two major reasons. The interest rate you pay will be considerably less than the rates you pay on your credit cards and the interest that you pay on the Home Equity may be tax deductible. This could save you money when you do your taxes. Another benefit of doing a Home Equity loan is the flexibility of setting fixed payments. You can do this by determining the term in months or years that you want to repay the loan. Many Home Equity loans can go up to 15 years before they need to be paid off, but I would suggest 5 to 7 years if you can afford the payments.
There are some minor drawbacks to Home Equity loans as well. If you decide to get a Home Equity Line-of-Credit, you have the option of interest only payments which will save you money short term, but it will never reduce your debt. You may not want to spread out your payments over too much time because it may be counterproductive. If you are considering a Home Equity loan to pay off your credit cards, I would not recommend a line of credit since they are more geared toward home repairs and planning for unexpected expenditures.
2.Here is another little known fact that I would like to point out. Your car may also be a source of equity. If you own your car and it is less than 10 years old, you can use that as collateral for a loan. Car loans usually have a higher interest rate than Home Equity loans, but the rates still are lower than most credit cards. If you only have a little credit card debt ($5,000.00 to $10,000.00 depending on your car’s value), this could be a better option than a Home Equity loan. Auto loans are typically easier to apply for due to less paperwork and a faster turnaround. If you are concerned about tapping into your home equity, then maybe an auto loan would be right for you.
3.If neither of these options are available to you, I would then recommend transferring your balances to a lower APR card. During this economic crunch, credit card companies are scrambling to lure potential customers to use their cards in efforts to generate income. This is great news for you! There are many card issuers that are offering low introductory rates when you transfer balances to them. This will save you on interest and will pay down your principle faster. Just remember that this is a short-term fix (most cards offer these low promotional rates for only 6 to 12 months)and you must be diligent in paying your principle down.
4.The last way you can reduce your credit card debt is calling up your current credit card issuers and asking them to lower the APR that they are charging you. You may be pleasantly surprised when you talk to your current credit card company about lowering your rate. From time to time, certain credit card companies run promotions that are not offered publicly. They even may want to keep your business by offering a lower rate if you can get a better deal with a new card. As my mother used to say, “It never hurts to ask!”.
]]>Over the first nine months of the year the NH credit unions had aggregate growth in assets of 10% growing to $4.1 billion from $3.8 billion at the first of the year. This figure was nearly double the national growth rate of 5.7%.
Savings in New Hampshire credit unions are up by 7.5% since the beginning of the year. Nationally savings grew by 5%.
Some of that money may have been deposited by new credit union members. The data show that New Hampshire credit unions have added approximately 18,000 new members in 2009 to date representing a 4.5% increase.
Despite the fact that consumer has been hearing a great deal about the credit crunch New Hampshire credit unions are ready to meet their borrowing needs. Loans outstanding at New Hampshire credit unions have grown by more than 10% or $250 million dollars since the beginning of the year. Loans were up nationwide by 5.6%
How can that be? Credit unions follow a very simple, tried and true business model. They take deposits from individuals and carefully lend them out to people who live and work in the community. This contrasts with many huge lenders who gather the funds they lend by selling bonds and securities. Now that the so called capital markets are in a constant state of flux it is hard for these lenders to raise the money that they need in order to make loans.
Credit unions on the other hand are seeing an overall increase in deposits because consumers are looking for a safe sound place for their money. The credit union can make that money available for loans.
It is important to remember that credit unions have sustained their business model through the years by adhering to sound lending principles designed to safeguard the deposits that have been entrusted to them. Credit unions will go the extra mile to help people get loans but they are also going to make sure that borrowers do not take on debt that they can not repay..
From Manchester to Berlin, New Hampshire firefighters have enriched the lives of wish children by providing experiences ranging from fire station tours to fire truck escorts for wish children traveling to airports for trips and adventures that fire departments have sponsored. To thank firefighters, wish children will present each fire station with a copy of the 2009 Make-A-Wish® New Hampshire Raffle Calendar. Proceeds from calendar sales, which are available at many credit unions throughout New Hampshire, will assist the NHCUL in reaching their 2009 fundraising goal of $150,000 for Make-A-Wish Foundation® of New Hampshire.
WHAT: Celebrate Honor Heroes Day sponsored by NHCUL
WHEN: Wednesday, November 19th at 3:30 p.m.
WHO&WHERE:
BERLIN FIRE DEPT., 263 Main St. Wish child – Brendan, age 10 of Whitfield
CONCORD FIRE DEPT., 150 North St. Wish Child – Brenden, age 9 of Concord
DERRY FIRE DEPT., 131 E. Broadway. Wish Child – Taylor, age 8 of Derry
KEENE FIRE DEPT., 32 Vernon St. Wish Child – Nicholas, age 6 of Keene
MANCHESTER FIRE DEPT., 100 Merrimack St. Wish children – Stephanie, age 16 of Hookset and Zachary, age 14 of Bedford
NASHUA FIRE RESCUE, 70 E. Hollis St. Wish Children – Anna, age 6 of Nashua and Sarah, age 27 of Hooksett
PORTSMOUTH FIRE DEPT., 170 Court St. Wish Child – Hannah, age 10 of Dover
ROCHESTER FIRE DEPT., 37 Wakefield St. Wish Children – Barbara, age 16 of Barrington and Teagan, age 8 of Dover
VISUAL: Wish children greet and celebrate their local firefighters; children present Calendars; local fire departments provide tours to wish children and families.
The New Hampshire Credit Union League is a trade association that represents the state’s credit unions. Credit unions are consumer-owned cooperatives that offer a wide variety of financial services to their members.
Full article is below and online at usnews.com
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With banks tightening lending standards and interest rates headed north, where do you turn? For 90 million Americans, the answer is credit unions.
Credit unions, which, unlike banks, are owned and governed by their members, are often misunderstood as exclusive places with limited services. But in reality, most Americans are eligible to join them and they provide an increasingly diverse array of services, including free ATM use, electronic banking, loans, and interest-bearing savings accounts.
Here are answers to common questions about credit unions:
Am I eligible to join a credit union? While membership in a credit union depends on belonging to certain communities, such as a workplace, region, or church, Becker says most consumers are eligible, even though many don’t realize it. “Virtually everyone in the nation could find a credit union they could join if they went through the effort,” he says.
So how do you find one? Websites such as NCUA, Find a Credit Union, and the Credit Union National Association can help. In addition, ask around--your employer, spouse’s employer, or local government council can direct you as well.
Do credit unions offer better interest rates? On average, credit unions offer lower rates on loans and higher rates on savings accounts--just what consumers want. This chart from the National Association of Federal Credit Unions shows that the average bank rate on a four-year, new-car loan is 6.92 percent. At credit unions, it’s 5.43 percent. Similarly, a five-year CD for $10,000 returns 3.54 percent at banks on average compared with 3.94 percent at a credit union.
Many credit unions also have limits on interest rates; federally charted credit unions, for example, have an 18 percent limit that applies to all loans, including those for cars and credit cards.
Have credit unions been affected by the current financial crisis? Like banks, credit unions have experienced a rise in delinquencies this year, says Fred Becker, president of the National Association of Federal Credit Unions. But he thinks credit unions are less affected by the crisis than banks because a strong sense of community responsibility drives credit union members to repay their loans on time. “They realize they’re adversely affecting other members if they don’t pay back the loan,” Becker says, adding that at one church credit union, you don’t attend Sunday service without your car payment.
Are deposits insured the same way they are at banks? Yes. Credit unions are insured by the National Credit Union Administration, which provides the same protections--insurance coverage on deposits up to $250,000--that the FDIC provides to banks. NCUA’s website allows credit union members to check on their insurance coverage.
Do credit unions ever collapse? Like banks, credit unions can fold but, also like banks, that usually means they merge with another credit union. Regardless of what happens, members are protected through the NCUA insurance. NCUA says if a federally insured credit union does fail, members typically receive payments for their deposits within three days.
What about financial literacy--can a credit union teach me how to make smart money decisions? Credit unions pride themselves on being a top source for financial information. Many offer seminars and information on topics such as preventing identity theft and managing credit cards. More information on any of these topics can be found at the NCUA website or by contacting your local credit union.
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This story by Brett Arends first appeared in the Wall Street Journal on Aug. 26
http://blogs.wsj.com/roi/2008/08/26/for-better-banking-check-out-a-credit-union/trackback/
This Associated Press Story appeared in the Boston Globe on October 9
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081008&id=8994598
Do you know who owns your credit union? YOU do! And that’s just one of the many things that make credit unions unique and one of the membership benefits we’ll recognize as we celebrate International Credit Union Day.
Credit Unions are not-for-profit, democratically controlled, volunteer-run, member-owned cooperatives. We exist to serve our members. Unlike most other financial institutions, credit unions do not pay dividends to outside stock-holders. Instead, earnings are returned to our members in the form of lower loan rates, higher dividends on deposits and lower fees.
At credit unions, every customer is a member and an owner. This year’s International Credit Union Day theme, It belongs to me - celebrates the economic democracy and equal ownership rights of each credit union member regardless of how much money that member may have in savings. Many credit unions will be celebrating the day with special events, refreshments, and/or gifts. Please join your credit union on October 16th as we honor our most valuable asset: our members. You are the reason your credit union exists.
]]>The legislation (the “Emergency Economic Stabilization Act of 2008") increases federal savings insurance coverage from $100,000 to $250,000. The increase is temporary, taking effect from the date of enactment of the legislation until Dec. 31, 2009. The temporary increase will mean that consumers with larger deposits in both credit unions and banks can rest assured that their nest eggs are protected by the full faith and credit of the United States Government.
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