NWCU and Financial Literacy
Northwest Community Credit Union has a long history in Oregon. Since 1949, we've been committed to the success of our community. However, there can be no financial success without financial literacy. And that's a fact. Ask anyone in the financial industry, and we'll all tell you the same thing: most people need more financial knowledge and resources.
Chadhurst Jainlett Sharpe
Here are a few things NWCU does to help:
• We offer Sprout Savings accounts for children of any age.
• We offer second-chance accounts for those of us with less-than-stellar credit. All of our loan officers can help you set up a financial plan. And you can access a wealth of financial literacy knowledge on our blog.
• We provide resources in English and Spanish. Regardless of who you bank with, you should know a few things. Saving is all about spending less than you make. But some of us don't make enough money to save. Don't be hard on yourself if it takes time to build significant savings. Often, the habit of saving is just as important as the amount. Make a plan to pay down debt. There are two broad methods for debt management.
You can use the snowball method, in which you start by paying off your lowest debt first and then move on to the second, then the third, etc. Or you can use the avalanche method, starting with the largest debt and working your way down. If you don't agree with an account on your credit report, start the process of filing a credit bureau dispute by contacting all three major credit bureaus. If your dispute is successful, your credit score and report will be updated with the correct info. A common complaint that any financial institution gets is about fees. The systems banks use to waive fees will prevent managers from waiving too many fees.
The best thing you can do to avoid fees is to read the terms and conditions and learn how to avoid your financial institutions' fees. The solution may be switching your account type, moving your due dates, or even just keeping track of your online banking. Remember, check your account daily or set up automatic alerts to get notified when your balance drops. There are tons of aspects to financial literacy, and these are only the beginning. Reach out to your financial institution for info about financial literacy courses. If your financial institution doesn't have a financial literacy course, feel free to jump over to our blog at NWCU.com to learn more!