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Reinforcing the commitment and focus of Maine CUs on financial education, the Maine CU League recently appeared in a segment that aired on WGME CBS 13 and FOX 23 helping members and consumers plan for financial emergencies. “A lot of people don’t prepare for the unexpected,” explained Jon Paradise, Vice President of Public Affairs and Engagement with the Maine Credit Union League. “Either they can’t because of the salaries that they’re making, or their situations. Through lower and fewer fees and better rates, Maine credit unions can not only help financially but with their focus on helping members.”
The segment highlighted how much of an issue a lack of planning in case of a financial emergency is with consumers. A new Bankrate survey found that 34% of households had a major unexpected expense over the last year, with only 39% saying they could cover a $1,000 blow in savings. Most of the time, however, the emergencies cost twice that, $2,500 or more.
“It’s scary to realize that a lot of people are just one, not monumental emergency away, but one semi-minor emergency away from really being in financial trouble. This highlights the importance of having an emergency fund that can cover at least 3-6 months worth of spending,” added Paradise.
The story also highlighted the significant savings that credit unions can provide consumers with credit card rates and lower fees on other products, and encouraged starting their to be better off financially in 2018.
As for financial emergencies, Paradise noted, “Do something because anything that you do that takes a look at your finances and you change one habit, it’s going to make a positive impact.”