CHICAGO, April 18, 2019 /PRNewswire/ — Today, with over $4 trillion in consumer debt, less than 20% of people are trying to figure out how to get out of debt. LSI finds that the vast majority are desperately trying to figure out how they can pay all of their bills on time.
Missing a payment can be devastating for most people, as it triggers interest rate hikes. An increase of a few percentage points can sink someone’s already taxed monthly income – preventing them from being able to pay their bills. Not to mention the crippling stress.
When Lynn MacLeod received her tax bill, she knew that she needed to do some creative financing. “I opened my tax bill and a huge wave of stress washed through me. I kinda got tunnel vision and thought I might blackout. I didn’t know how I would be able to pay my taxes. Luckily for me, I called my local credit union that night and they valued my Honda as new and provided me a very low interest rate. They also allowed me to refinance my car at 100% loan-to-value. I had put down $4,500 when I bought my 2017 Honda HRV. I couldn’t believe that I was able to take out the down payment I had made on the car and pay my tax bill. I even had money left over to help with some of my credit card debt.” With the new tax codes, situations like Lynn’s are becoming more common.
Credit unions are a secret gem in our communities which a lot of savvy consumers are using today, in order to keep more of their money and better manage their debt. Like Costco, it is very easy to become a member of a credit union and benefit from their budget friendly rates and fees. Just look at the more than 110 million people who are members.
“At LSI we believe in helping people. When people are stressed they want to talk with a LIVE person. We enable our financial services clients to be #AlwaysLIVE and help people wherever they are at any time of day – when they need help,” states Lee Kolquist, CEO of LSI.
“Three years ago, I was a twenty-six year old single mother working full-time and still was only able to make my minimum payments. I was able to make payments on time, but the balances never budged. I did not have the money to do anything with my kids. My life was crippled by debt.” Jessica Johnson continued, “Then, I joined my local credit union and transferred all of my balances to their credit card at a significantly lower interest rate. Today, I am a devoted credit union member. Last Sunday night I even started the process of getting my mortgage for my family’s new home with them.”
About LSIIn 1994, three friends created LSI as a new way to leverage technology in order for financial service companies to Connect People with People.