There’s no denying the correlation between financial health and physical well-being. According to a study by the Asset Funders Network, research finds that people with greater financial security have lower death rates, lower risk of chronic diseases, and lower rates of obesity. Not surprisingly, poor financial health can trigger stress and anxiety, leading to problems such as poor sleep, increased blood pressure and heart issues. Beyond the impact on physical health, our financial health touches on every aspect of our lives such as attitudes, behaviors and emotional stability. Our sense of worth and well-being is often linked to feeling safe and secure financially.
Why not consider starting 2018 with a financial check-up? Our nationally-recognized partner, BALANCE, offers members free access to great financial tools and money management tips. Try the self-guided modules found on their website, watch the videos, use the handy calculators or call to speak with one of their coaches. Visit the BALANCE website today, or call 888.456.2227, and mention that you’re a member of Self-Help Federal Credit Union. It’s free and confidential.
Joseph Fernandez was born in San Francisco, California, and has lived there his whole life. He attended the Cordon Bleu Culinary Institute in San Francisco where he earned his Associate’s Degree, but he also took on some student loan debt to do so. After three years of hard work in restaurant kitchens, where the pay was not that great, Joseph decided to go back to school to become an electrical engineer. All the while he was paying minimal sums toward his student loan.
Today, Joseph is happily employed as an electrical foreman. That student loan he took out many years back? Well, it had continued to get bigger and bigger, because his payments were not even covering the interest. The loan went into default a little over seven years ago, recently reaching a high of $50,326. Worried about his credit, Joseph visited the Self-Help Federal Credit Union branch in Vallejo, California, where members are able to make an appointment to meet one-on-one with a financial coach.
The coach and Joseph contacted the collection agency and asked if the agency would be interested in a compromise settlement. The agency accepted and agreed to reduce the loan debt from $50,326 to $8,000. That’s a savings of more than $40,000! Joseph had 10 days to pay off the $8,000 balance. Because he had emergency savings set aside, he had the money to make that final payment, and did so gladly!
We followed up with Joseph earlier this month. He has taken out a credit-building Fresh Start loan to repair his credit, finds time to follow his passion of cooking by making meals for friends and family, and sees himself owning a home in the next five years. We hope he considers Self-Help Federal for his home loan!
Student loan debt has topped $1 trillion in recent years, making it the largest type of consumer debt outstanding other than mortgages. The average student loan borrower graduates with nearly $30,000 in debt. Click here to learn more on this issue.
Introducing our new Self-Help Federal CU Mobile App. We heard you when you said that you wanted a more robust app, so we delivered! This upgrade offers many valuable features that will make your mobile life so much easier. Available to all members enrolled in Online Banking. Download it today!
Click the icons below to download the
Self-Help Federal CU Mobile Banking app today!
As we shared with you in our Summer 2017 newsletter, Seaway Bank and Trust became a Division of Self-Help Federal Credit Union on May 1, 2017.
The founders, a group of local businessmen, sold shares door to door throughout the community to raise the $1,000,000 in capital needed to secure the Federal Charter. By the end of its first year, Seaway’s assets had climbed to over $5,000,000 and the bank grew steadily over the years. It was known for decades as the Midwest’s largest African-American owned bank and served communities in south and west Chicago as well as Milwaukee.
We are happy to share with you the latest of our legacy videos, which tells the story of Seaway Bank. Beginning with its 1960s social justice and economic equality underpinnings, we trace Seaway Bank’s 52-year history through first-hand accounts, archival images, contemporary footage and narration. In doing so, we honor the achievements of an institution that invested in – and empowered – communities of Black people, making a lasting name for itself in the process.
You can find previous legacy videos in our “Vault” on the Self-Help Federal Credit Union website.
It’s tax time, and you may qualify for free tax preparation. To find a location in your area, and see if you meet the qualifications, click here or dial 2-1-1.
March is Women’s History Month. To learn more about women in our history and see some fantastic images, click here.
If you, a friend or loved one lost money in a scam involving Western Union, some or all of those funds may be recoverable thanks to a more than half-billion dollar program set up by the U.S. Federal Trade Commission. Click here to learn more.
All Self-Help Federal Credit Union members receive a $100 cash reward for every new line. Find out more.
Career Opportunities – Do you like what we do at Self-Help Federal? Interested in joining our team, or know someone who might be? Click here for a list of our current job openings.