ST. PAUL, MN (November 6, 2013) -- Driven by their mission of people serving people, credit unions naturally desire to help improve the financial health of their members. This is one of the most distinguishing factors that illustrates the need for and the importance of credit unions within the financial industry. And it becomes even more apparent when consumers are in the midst of financial hardship or when mounting debt threatens to overwhelm them.
Financial stresses impact not only members’ financial futures, but their physical health as well. According to a 2013 study conducted by the University of Michigan, nearly two-thirds of consumers who are physically ill but do not seek medical care are fearful of the cost and unwilling to add large debt to their credit cards.
Minnesota credit unions can be a solution to this dilemma, thanks to partnerships around the state with Lutheran Social Service (LSS) financial counseling.
“Credit unions are flocking to provide counseling services to their members because they understand the needs of today’s consumers,” said Mark D. Cummins, President & CEO of the Minnesota Credit Union Network (MnCUN). “Through counseling and personal finance education, credit unions are committed to improving the lives of their members.”
This fundamental desire to help members create a more secure financial future spurred MnCUN to form a statewide partnership with LSS in 2012 to broadly offer LSS’s counseling services to credit unions and credit union members across Minnesota.
“LSS loves to partner with credit unions because they are the ones who experience these issues first-hand and care personally about their members’ financial wellness,” said Darryl Dahlheimer, LSS Program Director.
LSS offers the Financial Choice program, which provides credit union members expert coaching on safe solutions for each type of debt along with a structured debt management plan to help quickly pay down debt. Financial Choice provides credit union members with priority access to certified financial and housing counselors, and financial wellness coaching to help consumers in the areas of credit card debt, student loan debt, and foreclosure prevention.
Financial counseling is offered by phone and in-person at eight locations around the state.
“When members succeed in reducing their debt, improving their credit scores, and establishing budgets that promote savings, everyone wins,” Dahlheimer said.
LSS’s customized financial wellness plans meet the unique needs of each credit union's field of membership and distinguish the credit union as a trusted financial partner.
Currently, LSS is providing Financial Choice counseling services through 15 credit unions around the state:
- Anoka Hennepin Credit Union, Coon Rapids
- City & County Credit Union, St. Paul
- Cook Area Credit Union, Cook
- Embarrass Vermillion Federal Credit Union, Aurora
- Hermantown Federal Credit Union, Hermantown
- Hiway Federal Credit Union, St. Paul
- Mid-Minnesota Federal Credit Union, Baxter
- Northern Communities Credit Union, Duluth
- NSP St Paul Credit Union, St. Paul
- Richfield Bloomington Credit Union, Richfield
- SouthPoint Federal Credit Union, Sleepy Eye
- TopLine Federal Credit Union, Maple Grove
Anoka Hennepin Credit Union, Coon Rapids City & County Credit Union, St. Paul Cook Area Credit Union, Cook Embarrass Vermillion Federal Credit Union, Aurora Hermantown Federal Credit Union, Hermantown Hiway Federal Credit Union, St. Paul Mid-Minnesota Federal Credit Union, Baxter Northern Communities Credit Union, Duluth NSP St Paul Credit Union, St. Paul Richfield Bloomington Credit Union, Richfield SouthPoint Federal Credit Union, Sleepy Eye TopLine Federal Credit Union, Maple Grove TruStar Federal Credit Union, International Falls United Educators CU Credit Union, Apple Valley US Federal Credit Union, Burnsville The services offered by LSS Financial Counseling help to ensure that members choose reputable assistance, which minimizes write-off and bankruptcy losses and fosters member loyalty. By offering financial information and resources, credit unions distinguish themselves as financial institutions dedicated to helping members meet and surpass their financial goals.
“As customer-oriented financial institutions with roots in local communities around the state, members are right to trust their credit unions for financial counseling, education and advice,” Cummins said. “The Network is proud to offer a trusted local resource that shared the values of the credit unions movement.”
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.