Payment Industry Insider

The two seem to be at opposite ends of the spectrum. Yet the movie (watch it on Google Video) had ‘em both together and it did turn out to be a wonderful life after all – after George got his thinking rearranged a little.

Seems that is what could be shaping up a little right now in our society. And maybe credit unions will play the role of the old Bailey Savings and Loan. What do you think?

Maybe we need to re-visit our roots a little and consider what we can do to help people out a little. I think the government has just about run out of money to give away. It’s about time for people to learn how to be a little more responsible with the business of finance.

Here’s what we know: This according to a USA Today article entitled, “Home equity below 50% level – Falling prices sap owners’ wealth.” It stated that consumers are growing more cautious, first because they are now worth less, and they know it. And, secondly, because they can’t borrow against their homes as aggressively as they did. We also know that Americans are at an all time high consumer debt level and an all time low savings level (in fact, I’ve heard we’re at a negative savings level).

Any way you look at it, we are in a tough spot. 

George Bailey, circa credit unions, to the rescue. I don’t mean that credit unions should “bail” everyone out, but rather, be there to help people that want help. Many need help with basic financial education, things like budgeting, balancing their checkbook and other money management skills. They also need help with understanding about credit, how it works and that it does have to be paid back. And one other big thing they need help with is saving.

Which reminds me, what are you doing to attract some of the stimulus money? A family of four would mean $1,800. Surely folks would be interested in saving a little of that, wouldn’t they? Maybe this would be a good focal point to build a savings education campaign around.

The times we are in will be trying. It’s going to be a time of changing habits, something humans aren’t very good at – particularly if the habit is comfortable and pleasurable. But I don’t see how we can avoid making some adjustments.

Credit unions, we have our work cut out for us. But as a friend of mine said recently, “Credit unions have always been there in the tough times.”