Credit unions are known for helping members save more or pay down debt. Members often say that in the face of a job loss or health problem, their credit union helped them weather the situation while preserving a good credit history. In fact, almost 80% of Wisconsin credit unions offer secured credit cards, debit cards loans or other programs designed to help members build or rebuild creditworthiness.

Credit unions didn’t create the mortgage mess. In fact, a majority of credit unions have refinanced other lenders’ mortgages to prevent foreclosures. Because credit union mortgage loans are made to member-owners of the institution, they're made carefully in borrowers' best interest. And most credit unions hold their mortgages in their own portfolios rather thans selling on the secondary market - eliminating incentives to make risky loans.

What's more, credit unions outperform other lenders in mortgages to low-income and minority borrowers. Credit unions’ approval rate for low-income borrowers is 78.2% compared to 49.2% at non-credit union lenders. For minority mortgage applicants, the credit union approval rate is 83.1% compared to 55% at non-credit union lenders. Still, Wisconsin credit unions have a overall, low delinquency rate of 1.44%.

During these tough economic times, people may feel the need to turn to high-cost, storefront lenders for quick cash - but there's an alternative. Credit unions offer short-term loans but typically charge less than half the cost charged elsewhere. By charging far lower rates, credit unions saved members more than $1 million with payday loan alternatives. Many credit unions provide education or counseling opportunities, allow more time for repayment, and limit or disallow rollovers to encourage repayment and improved creditworthiness.

Credit unions grant loans other institutions deem “too unprofitable” as well as offer more attractive terms. They also offer more competitively priced credit cards, checking accounts and other services that a business needs, but typically price them more competitively than banks do.

For members, credit unions offer free workshops on topics ranging from credit reports to homebuying and more. For Wisconsin schools, credit unions provide free teaching materials on personal finance that supports state teaching standards. Most notably, the brass|STUDENT PROGRAM - featuring the lifestyle money magazine brass|MAGAZINE and classroom resources educators can use to teach students important personal finance skills. Wisconsin credit unions provide brass to all of the state's public high schools at no cost to teachers, schools or taxpayers.

Credit unions also provide interactive learning about money matters as part of “reality” simulations, sponsorship of teachers’ personal finance education at summer workshops, and investments in 83 in-school credit union branches, run by students, that teach young people the value of saving and responsible use of credit. Students have saved more than $1.6 million in their school branch accounts.

Credit unions offer services include translations about loans and other services, lower-cost wire transfers and participation in events designed to help new Americans establish a financial foothold, seek employment and participate in our nation’s tax system.

Credit unions offer low-income tax filers information to help them access free tax preparation and filing assistance – a fast, no-cost alternative to the costly “refund anticipation loans” offered by paid tax preparation firms. Filers saved $16.6 million using this assistance in 2008. Credit unions also partner with counties to offer low-interest loans that help single parents obtain affordable used cars or childcare so they can access or maintain employment, and join hundreds of agencies, businesses and nonprofits each October in teaching Wisconsin citizens money matters as part of Money Smart Week Wisconsin.