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Democracy FCU offers members financial life raft amidst government shutdown

ALEXANDRIA, VA (January 11, 2019) — Democracy Federal Credit Union’s current and potential members are now able to find a silver lining amidst the partial government shutdown through special products and services created to assist them. “It’s extremely unfortunate that a large portion of our workforce is being affected by the government shutdown,” said Democracy FCU President/CEO, Ken Cahoon. “We have structured specific products and services to help reduce some of the financial burdens our members are facing. Our members do not have control over this situation, and we do not want to hinder their financial stress further. The credit union movement is about ‘People Helping People,’ and that is exactly what we intend to do during the shutdown, and beyond.”

Democracy FCU cares about its members and their financial health, which is why staying in front of any financial delinquency is imperative. Offering products and services to assist members during economically difficult times is about understanding the current financial and emotional state of our members, but it is also necessary to empower them with fiscal responsibility so that they have the tools necessary to manage life’s unfortunate events.  In last week’s article, ‘Banks and credit unions move to help federal workers hit by shutdown,’ by CNN Reporter, Gregory Wallace, Democracy FCU spoke to the shot-term National Emergency Loan currently being offered to credit union members. Democracy FCU Executive Vice President, Gloria Bowden, commented that, “If [members] don’t get paid, then their loan does not get paid, which puts them in a past-due or delinquent status that can damage credit or lead to costly fees.”

In addition to the payment deferments and short term loan products being offered, FREE financial counseling services are always offered to members who are struggling with finances, need help budgeting and/or navigating through debt management. Managing money to make ends meet is the biggest challenge consumers will face when it comes to their finances. Whether a crisis is caused by a government shutdown, loss of a job, personal/family illness or overspending, paying all of your bills without having cash flow can be overwhelming. But, there is hope, and help available from Democracy FCU. We are committed to providing our members with solutions on how to manage and budget their finances accordingly during this tough time.  It is important to be educated on all of the options available for resolving troubled bill payments, and to know that there are legitimate programs available to assist you while avoiding scams that target consumers suffering from financial hardships.

PRODUCT/SERVICE DEFINITION
Loan Extension/Payment Deferment Existing loan holders may receive a loan extension/payment deferment for up to 90 days.*
Short-Term Loan Current and potential members may apply for a short-term loan for up to 6 months with rates as low as 0.00%; other loan options are available.*
FREE Financial Counseling All members qualify to receive free financial counseling from certified financial experts to help with budgeting, credit and debt management.

Put ease back in your life and let Democracy FCU help relieve you of your financial stress. Contact us today at www.democracyfcu.org or call us at 800.742.5582. For financial counseling services, please contact Delta Payne, Financial Counselor, at 202.488.5400 ext. 1865 or at dpayne@democracyfcu.org.

*Certain restrictions apply. Underwriting guidelines remain in effect.


About Democracy Federal Credit Union

Democracy Federal Credit Union, established in 1936 to serve the employees of the Social Security Board in Washington, D.C. After mergers, name changes, charter expansions, and years of incredible growth, what was once Social Security Employees Federal Credit Union is now proudly Democracy Federal Credit Union. Since its date of inception until the early 1970s, Democracy FCU had under $10 million in total assets but has since skyrocketed to over $149 million with more than 14,000 members. Today, Democracy FCU promotes member education, credit union advocacy, and diversity. Membership is now open to many government agencies as well as those who live, work, worship, attends school, or does business in Washington D.C., and most areas in Maryland and Virginia within the beltway. Democracy FCU strives to serve their members by helping them achieve their financial goals through offering competitive interest rates and affordable services. To learn more, visit https://democracyfcu.org/.

Contacts

Allyson Teevan
Director of Marketing
Democracy Federal Credit Union
400 N. Columbus Street | Suite 300
Alexandria, VA 22314
p: 703.647.7067  | f:  703.299.3015
ateevan@DemocracyFCU.org
www.democracyfcu.org

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