Payment Industry Insider

I liked the title of a recent USA Today “Letter to the Editor” so much that I kept it to kick this conversation off. There are a lot of people who have been responsible with their finances. Many of them are credit union folk. We – credit unions – have an opportunity and indeed a responsibility to promote good stewardship. That is the foundation of our philosophy and it leads to sound money management and fiscal responsibility.

But many American consumers are about at their breaking point. They have too long spent lavishly (is that too strong a word?) and borrowed to pay for the spending. And now…the time has come to pay up. But, owning up to debt now is not going to be easy. Gas prices at $4 per gallon and starting to become a noticeable percentage of income. Wages are stagnant. Food prices are going up – because of the fuel prices, and most recently because of weather related issues – rain and flooding of crop land. Should we go on with more of the bad news?

Bottom line: these are some tough times. Some have prepared for them and will weather them. Others (probably a majority) have not and are in need of some coaching (at the very least) and counseling (or more).

Credit unions can be that trusted advisor and in the process will prosper – by doing good!