As inflation continues to strain household budgets, credit unions across the United States are expanding programs designed to help members weather rising costs. Among the most prominent of these tools is Skip-A-Pay, a solution that allows borrowers to defer a loan payment and gain short-term financial relief during periods of economic uncertainty.
While such offerings have existed for years, advances in digital automation have made them more accessible and efficient. Industry providers, including Loanovia—a loan servicing and payments business unit offering solutions such as Skip-A-Pay, Quick Pay and Collect—have supported the broader adoption of these tools, which are now deployed in dozens of applications at credit unions nationwide.
Credit union leaders say the programs are particularly valuable as consumers face elevated costs for gasoline, housing and everyday necessities.
At Nutmeg State Financial Credit Union in Rocky Hill, Connecticut, President and CEO John Holt emphasized the importance of individualized support. The $887 million institution serves 66,000 members and maintains a philosophy rooted in personalized service.
“Yes, we have a skip a pay program, and our loan consultants are always available to help,” Holt told Tyfone. “We believe in individualized solutions rather than blanket a solution that may not support someone’s challenges.”
Holt said the credit union focuses on financial education and tailored assistance to guide members through difficult financial situations. “We educate them and place them in the best products that support their needs,” he said, noting that options may include refinancing, extended due dates or other alternatives aligned with a member’s financial picture.
In Metairie, Louisiana, the economic pressures are more pronounced. Judy DeLucca, president and CEO of New Orleans Firemen’s Federal Credit Union, said rising costs are forcing many members to make difficult financial decisions.
“Rising gas prices and the cost of everyday goods are having a direct and meaningful impact on our members—especially those who were already operating with very tight financial margins,” DeLucca told Tyfone. “For many of our members, rising costs aren’t about cutting back on extras—they’re about figuring out how to afford the basics.”
The $284 million-asset credit union, which serves 26,000 members, has seen shifts in member behavior as inflation persists. DeLucca said members are increasingly seeking ways to reduce their monthly obligations while drawing down savings to cover essential expenses.
“We are seeing members actively looking for ways to reduce their monthly financial obligations,” she said.
Skip-A-Pay remains one of several tools available to provide relief. “While we do offer skip-a-pay options when appropriate, we are also implementing loan modifications based on each member’s specific cash flow situation,” DeLucca said.
She added that the credit union’s broader mission extends beyond lending. “Simply put, when everyday costs rise, our job is to help our members breathe again financially,” she said, describing the institution as a “financial first responder.”
In Northeast Ohio, John Demmler, chief executive of 7 17 Credit Union, said even modest increases in fuel prices can have an outsized impact on local households. The Warren-based institution serves more than 124,000 members and has nearly $2 billion in assets.
“Fluctuations in gas prices affect our members here in NE Ohio substantially more than in other parts of the country,” Demmler told Tyfone, noting that regional income levels make rising costs particularly burdensome.
To address these challenges, the credit union has introduced refinancing initiatives and other financial solutions designed to strengthen household stability. Skip-A-Pay options remain an important part of that strategy.
“Whether that is offering skip-a-pays or offering a broader solution for restructuring their debts to allow them to potentially continue to pay all of their obligations, but still free up hundreds of dollars per month,” Demmler said. “Generally if the member is willing to pay, we can make it work.”
Across the industry, Skip-A-Pay programs are gaining renewed relevance as consumers navigate a complex economic environment. By allowing borrowers to temporarily defer payments, these solutions offer breathing room while preserving long-term financial health.
Although technology providers have helped streamline these services, credit union leaders emphasize that the true value lies in their member-first mission. From Connecticut to Louisiana to Ohio, institutions are combining digital innovation with personalized support to help households manage financial uncertainty.
As economic pressures persist, Skip-A-Pay programs and similar solutions are expected to remain a vital tool—reinforcing the cooperative principle that has long defined the credit union movement: people helping people.
Portland, Oregon-based Tyfone is a leading provider of consumer and commercial digital banking services for community financial institutions. At Tyfone, we believe that as credit unions of all sizes continue to look for lending opportunities, adopting cutting-edge digital banking technologies becomes crucial.
