Financial Finesse: Local Credit Unions Give Members Money Management Tools.

AuthorJulie Roberts By

Today more than 160 million Americans have credit cards and, on average, each household with a credit card carries more than $15,000 in credit card debt. It's safe to say Americans are drowning in debt--including many Utahns. The amount of debt found on an average Utahn's credit card sits around $4,500. That's why it's no surprise that many credit unions across the state have beefed up their offerings when it comes to financial education services.

Financial Counseling

At America First Credit Union, the primary goal is to help each member achieve financial stability and well being. "We feel that educating our members helps to achieve our main goal and purpose of helping our members to be financially sound and secure," says John Lund, president and CEO of the credit union.

To meet that goal, America First offers free financial counseling and seminars to its members. "Our counselors do this full time, have many years of experience and are very professional," Lund says. The counselors examine a member's income and outgo, help them establish a realistic, workable budget and savings plan, and help to resolve and improve credit.

America First also offers members an annual financial checkup, a review with the credit union that aims to help members think about their financial goals, estimate their net worth, learn about tax changes that could have an effect on investments or businesses, and reevaluate their budget.

Cyprus Credit Union provides similar financial education services to its members. "Cyprus offers a variety of tools to help our

Jessica Taylor, Cyprus Credit Union

members learn about personal finance at every stage of their life says Jessica Taylor, marketing manager for Cyprus Credit Union.

The organization has a partnership with the AAA Fair Credit Foundation, a nonprofit organization that provides debt counseling. Its programs and services include confidential financial guidance counseling, HUD-approved homebuyer education and foreclosure prevention counseling, debt management relief programs, financial literacy education and individual development accounts (IDAs). "We believe that if members have the right tools and information, they can set and reach goals that will improve their financial lives," says Taylor.

Online Tools

To keep up with today's technological trends, many credit unions offer internet-based financial education services.

America First provides online financial planning tools, such as a monthly budget template and...

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