Don’t Let the Economy Weigh You Down

As a young person with limited financial experience, you may find it difficult to put today’s economic conditions in perspective. But when you hear phrases like “worst week ever” or “not seen since the Great Depression,” it can get scary.

The collapse of the subprime mortgage market has affected many financial institutions and regular people. (Subprime mortgages are home loans made to individuals with low credit scores, who may be more likely to default on their loan payments.) DCU takes pride in reporting that it was never involved in subprime lending. DCU never encourages members to take out loans that they cannot repay.

Because of our common sense philosophy, DCU remains in a position to help more people than ever purchase or refinance homes, buy cars, and pay for a college education. Many financial institutions are turning away loan business, but DCU stands ready to serve your needs,
as always.

More people are turning to DCU as a safe place to save, too. Your deposits are insured by the National Credit Union Administration (NCUA), and backed by the full faith and credit of the U.S. government.

keep your finances in shape
Even if you haven’t lived through a downturn before, you should know that they are temporary. History has taught us that much. The economy and the financial markets will improve. In the meantime, consider the following steps to protect your financial health:

1. Build up your savings. Having money to cover unexpected expenses can help keep you from taking on debt.
   
   
2. Trim your spending. Use coupons or wait for sales in order to pay less.
   
   
3. Focus on long-term goals. Retirement is a long way off, but saving at least a little now gives you the best chance of future financial security.
   
   
4. Protect your finances. Criminals often prey upon people’s fears during uncertain times. Don’t fall for it.
   
   
5. Ask for help early. If you start falling behind, let us know right away. The earlier you seek help, the more options you’ll have.

You can count on DCU to be here for you through good times and bad. Get in touch today at 800.328.8797 or dcu.org.