4 ways to help your members achieve financial freedom
Even though most reports tell us the American economy is strong, most US citizens are feeling the squeeze of a rising cost of living. Rent, groceries and other common expenses are at an all time high, and your members’ wages just don’t go as far as they did a few years ago. So how can your credit union help members to achieve financial freedom? Here are four things your credit union can do.
1. Refinancing options
We’re all familiar with how much interest rates have skyrocketed in the last few years, but credit unions can typically offer better rates than the average large bank or fintech. By using data to see where your members are spending their money, you can identify those members making car or mortgage payments to other institutions, and market refinancing options to them. Even by offering a rate that’s a fraction of a percent lower, you can help your members to save hundreds of dollars each year that they can then use to reduce their debts in other areas or to afford basic necessities.