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Northern Credit Union Reaches Out Those Affected by Furloughs

Assistance program offers variety of ways to help managed pay reductions

WATERTOWN, NY (July 19, 2013) — As a result of sequestration budget cuts, furloughs for many government employees began last week. To help its affected members cope with smaller paychecks, Northern Credit Union has created a Furlough Assistance Program.

The Furlough Assistance Program offers a four-pronged approach:

60-day Zero Percent Loans. A special financing program is available to help eligible members manage through their loss of income. New and existing members may borrow up to 100 percent of their last full month’s base pay (up to $5,000) at zero percent annual percentage rate (APR) for 60 days; with pay-stub verification. Loan balances outstanding after 60 days will convert to a 24-month term with rates determined by the member’s credit score and other factors.
30-day Loan Deferment. Members with existing Northern CU loans may apply for a 30-day, free-of-charge payment deferment. (Home Equity Loans and First Mortgages are not eligible.)
Refinance. Qualified members may apply to refinance an existing Northern loan or one from another financial institution.
Financial Counseling. Northern CU’s partnership with BALANCE Financial Fitness© allows members to receive assistance on a range of personal financial management topics; such as creating a budget, debt management and other personal finance matters. Free financial counseling is also available.

Some estimate these furloughs will amount to pay cuts of up to 20 percent for government employees,” said Dan St. Hilaire, Northern CU’s President/CEO. “That’s a big slice out of a typical family’s household budget. With that in mind, Northern has developed this program to help those affected make smart financial decisions while easing the burden of a reduced salary.”

Northern CU members wishing to apply for furlough assistance must be government employees and provide proof they are being furloughed or face a temporary reduction in hours.

To learn more about Northern CU’s Furlough Assistance Program, visit www.mynorthern.com.

About Northern Credit Union
Northern Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone who lives, works, worships or regularly conducts business in Jefferson, Lewis and Southern St. Lawrence counties. Northern CU serves the financial needs of more than 26,000 members through world-class technology systems, and through a convenient network of 6 branch locations and over 30,000 surcharge free ATMs. Founded over 55 years ago Northern CU continues to operate as a not-for-profit, member-owned financial cooperative with locations in the Watertown, Adams, Gouverneur, Lowville and West Carthage areas. Visit Northern CU at http://www.mynorthern.com or call 866-310-6328 to learn more.