Credit Unions Light the Way

"We're aware that millions of honest, hard-working Americans across all strata of society will never regain their former standard of living — we're in honorable company and grateful for every day we can still keep it together."

So says one Chicago-area couple, both jobless, in today's United Press International news brief. Their unswerving commitment to soldiering on through tough times is also found among credit union members struggling to make ends meet.

In turn, the industry is stepping up to the plate, assisting beleaguered members coping with a deep recession:

• Loan modifications are helping hundreds of members stay in their homes, despite fiscally challenged circumstances
• Small business loans continue to be made to local businesses by credit unions nationwide, priming the economic pump and setting the stage for recovery

The latest industry figures bring home the point, with Callahan's First Look Program for 1st Quarter 2009 highlighting the good news that credit unions continue to lend, plugging the lending gap caused when banks pulled back.

There is light at the end of the tunnel.

  
  Hunter Moss
  Corporate Communications Manager