The problem of debt and Christmas is a theme of literature. Who does not know the story of Scrooge and Little Tim by Dickens? The play is presented every year at this time at Ford’s Theater here in DC.
The vignette that follows shows this reality for members still exists today. The story as told by a credit union employee:
I’ve Been There
Yesterday I had a member call in asking to refinance her auto with us to get a better rate. I let her know about our interest rate reduction product and made her aware there is a $100 fee associated with this. After speaking with her and getting to know her circumstances, I learned she is a single mother with two kids. She is working multiple jobs.
She has several credit cards that she is struggling with and really trying to get these under control so she can one day purchase a home. The cards had 0% interest rates because her husband was active military. But they got divorced and now the interest rates are extremely high and she is stuck with all the debt.
She also told me she couldn’t afford gifts for her girls for Christmas. I told her it sounds like she doesn’t have the $100 right now to even do the interest rate reduction. So let’s start with a Trinity referral and get her debt under control and hopefully put her in a better financial situation.
I also referred her to my church which does a Christmas store at which I volunteer. I told her we could get her kids some Christmas presents. She was beyond grateful.
I said I could relate with her as I’ve been there, and we at Day Air will help her through this. Our short term goal is to get her debt down to raise her credit score. Then she can get a better rate on her auto loan. Our long-term goal is to eventually get her and her girls in a home they own.
The Opportunity for Goodwill
How will your credit union help debt burdened members who are struggling and feel anything but cheer this time of year?