During these troubling times, Spirit Financial Credit Union remains committed to the welfare and financial wellbeing of our members and our community. We recognize that the coronavirus crisis has not only brought a health emergency, but also financial uncertainty for so many of our members and in our community. Depending on how our credit union members have been financially impacted, we may be able to offer certain solutions and some financial relief. Your best defense financially during these trying times is to be proactive in contacting your creditors.

Seek help before falling behind in loan payments

First and foremost, if you are experiencing financial difficulty through a work shutdown, a layoff or other form of significantly reduced income and you believe you are going to have trouble making your credit union loan payments, contact Spirit Financial Credit Union as soon as possible. We will work with you and try to help you come up with a solution. Although our physical lobby is not open, we are available by phone and drive-thru as usual during regular working hours.

Contacting your creditors

Although your mind may be on other things at this time, creditors do want to try to offer their borrowers some type of relief. Whether it’s through a reduction in interest and penalties or some type of deferred payment plan, you won’t know until you contact your creditors. This includes credit card companies, lenders and also major utilities.

Credit Union Products & Services that can help in tough financial times

·      Mortgage Refinancing – Mortgage rates are at record lows. If you are struggling with a higher interest rate mortgage, this may be a good time to consider mortgage refinance. If the interest rate is low enough to outweigh the costs involved in a mortgage refinance, it may be something to consider to make your payments more affordable.

·      Home Equity Loans & HELOCs – If you have enough equity built in your home, a home equity loan may be another low-interest option for mortgage refi. The benefit is fewer fees and costs than a traditional mortgage refi. If you’re looking for some cash in the short term to help you get through the next few months or a bit longer until things get back to normal for you, a home equity loan or home equity line of credit (HELOC) can help you tap into the equity of your home to do just that.

·      Auto Loan Refinance – Auto loans are also at very low rates right now; refinancing might help you reduce your monthly payment to better fit into your current budget.

·      Balance Transfer Credit Cards – If you’re struggling with high-interest credit card payments or are looking to apply for a credit card to help you get through tough financial times, Spirit Financial may have what you need. Our VISA Balance Transfer Credit Card is currently featuring a special 1.90% introductory rate with no balance transfer fee. This special 1.90% introductory balance transfer APR is good for 12 months from account opening.  After that, the APR will increase to the regular rate for that particular card. Visit our website for complete details.

·      Low-interest Personal Loans – Another option to get some extra cash to help pay bills or consolidate debt while your income is down.

Take steps to make your finances less stressful

Many of us were not adequately financially prepared for a pandemic. Why would we be? Social distancing has impacted our everyday life, both personal and work, and uncertainty has filled our days. At Spirit Financial Credit Union, we’re here for the well-being of our members. We are here when you need us. Automating your finances through our online and mobile banking will help you continue to control your finances from the comfort of home. Enrolling in automatic bill pay will also help you reduce the risk of missed payments. In addition to the ways we can help above, we also encourage you to look for opportunities to cut expenses during this time. While staying at home might not be what you would choose, it will naturally help you cut down on dining out, entertainment and other outside expenses. Redo your budget so it better fits with your current income. In conclusion, it’s important to remember that these tough times will eventually pass, and life will get back to normal. What’s important now is your health and welfare and that of your loved ones.