Mike's Article
When visiting the Credit Union National Association’s (CUNA) website the following statement can be read: America’s credit unions are dedicated to making sure that people have a stable financial footing to weather life’s emergencies. With a not-for-profit member owned structure, we work hard to find solutions that meet our members where they are. After all, we serve them, not Wall Street investors.
WV Central completely agrees with the above statement as it helps to describe the program called “Improving Financial Well-Being for All”. Providing access to credit should not be an opportunity for a lender to prey on people. WV Central continues to work with members to help them to better their financial situation. So far in 2022, members have saved over $500,000.00 just by refinancing loans from other lenders and bringing those loans to the credit union to take advantage of our exceptional loan rates.
When a national survey states that 6 out of 10 Americans are not financially healthy, we know we have work to do. Sadly, financial health will not improve if we fail to take steps to address rising interest rates. The Federal Reserve increased the Fed Fund rate by 25 bps* in March and expect to increase the rate by 50 bps in May with more expected through 2023. This will only increase your cost of funds going forward if you have an adjustable rate or when you apply for a new loan in the coming months.
I ask that you consider taking action right now to reduce your loan interest cost. Now is a great time to compare what you are paying in interest on any loan that you have at another financial institution and compare that rate with rates at WV Central. This can easily be done by working with our excellent member solution specialists here at Central. We will do all we can to help you to improve your financial well-being. We are here to help!
*bps - basis points is a measurement, there are 100 basis points in 1%
| 
