Post image for Credit Union Debt Relief Programs

Credit Union Debt Relief Programs

by on March 11, 2013

In the past few years, the reality of debt has become something that even the youngest consumers are aware of. The financial crisis of 2008 brought the idea to the forefront of most Americans’ minds, while the ongoing government debt crisis has turned it into a certain kind of four-letter word. However, despite the present awareness of debt as a phenomenon, overcoming the debilitating financial effects of debt remains as difficult as ever.

Debt in America

NerdWallet reported in February that, according to the Federal Reserve, the average American household credit card debt stood at $7,177, while the average indebted household debt was $15,257. Average mortgage debt was set at $149,782, and average student loan debt was $34,703. These numbers are striking, and point to the heavy financial burden many Americans face.

Credit Unions May Have the Answer

Credit unions are a great option when you need financial assistance. Credit unions are not-for-profit and member-focused. Many credit unions understand their members’ debt problems and they want to help solve them. We’ve found credit unions nationwide that offer debt relief solutions ranging from debt management tools to free financial counseling, all in service to the improvement of your personal finances. Visit the nearest credit union branch to find the debt relief program that works best for you.

Arsenal Credit Union – Arnold, MO

Arsenal Credit Union believes knowledge is power. They go the extra mile to help their members develop better money management skills. Free financial advice is provided across multiple channels – from a special Financial Education section on their website and designated “resource centers” inside their branches, to seminars that are held throughout the year and one-on-one counseling provided by an in-house financial specialist from ClearPoint Credit Counseling Solutions. You’ll find advice on dealing with your debt, improving your credit, budgeting and making decisions about loans. Arsenal Credit Union has branches in St. Louis and Jefferson counties, Missouri. Membership information can be found here.

United Advantage NW Federal Credit Union – Portland, OR

United Advantage NW Federal Credit Union offers a range of services to help you with your monetary burden.  They offer personal financial counseling sessions that cover topics like budgeting, understanding your credit score and financial hardship. No matter the problem, their Finance Specialists will help you get back on your feet. United Advantage NW Federal Credit Union has branches in Portland and Tualatin, Oregon. Membership eligibility information can be found here.

Xceed Financial Credit Union – El Segundo, CA

Xceed Financial Credit Union has partnered with the Filene Research Institute to offer a free money management tool called Debt in Focus. Debt in Focus analyzes your financial situation and provides advice to help you pay off your debt. With Debt in Focus, you can rid yourself of the dark cloud of debt hanging over your head. Xceed Financial Credit Union has several branches in El Segundo, California. Membership eligibility information can be found here.

Uni Wyo Federal Credit Union – Laramie, WY

Uni Wyo Federal Credit Union gives you the edge in the race to end consumer debt with Information Edge. Their blog offers in-depth articles on topics like student loan debt, credit card debt, and financial management. You’ll get great advice and helpful links to keep you ahead of the game. Uni Wyo Federal Credit Union has 2 branches in Laramie, Wyoming, one of which is located on the University of Wyoming campus. Membership information can be found here.

Icon Credit Union – Boise, ID

Icon Credit Union provides their members with free financial access to services from Accel. Through Accel, you can get unlimited free financial counseling that will aid you with debt repayment, budgeting, credit and personal money management. You will also have access to free resources like financial worksheets and articles. Icon Credit Union has branches in Boise, Coeur d’Alene and Meridian, Idaho, and La Grande, Oregon. Membership eligibility details can be found here.

San Mateo Credit Union – Redwood City, CA

San Mateo Credit Union cuts to the core of the debt issue by offering their members free debt management with Debt in Focus. After evaluating your financial situation, Debit in Focus offers advice and strategies to free you from your debt issues. They also offer free debt counseling through Balance, a financial fitness organization, and financial workshops and seminars for the local community. San Mateo Credit Union has branches Redwood City, Daly City, Palo Alto, East Palo Alto, San Mateo and South San Francisco, California.  Membership eligibility information can be found here.

First Credit Union – Chandler, AZ

First Credit Union wants to help you take charge of your debt with free service from Take Charge America. You’ll get debt management counseling, credit counseling and access to a range of financial education services. They will get you back on track and on your way to a successful financial future. First Credit Union has branches in Chandler, Tempe, Phoenix, Tucson, Glendale and Goodyear, Arizona. Membership is available to anyone who lives, works or worships within ten miles of any branch location.

PrimeWay Federal Credit Union – Houston, TX

PrimeWay Federal Credit Union provides a special service to its member companies. They offer free workplace seminars designed to improve the financial IQ of employees. Topics include financial health, debt reduction, budgeting and investment. Through the debt reduction workshop, you can learn how to track your debt, understand good debt versus bad debt, set priorities, and learn how to stay out of debt in the future. PrimeWay Federal Credit Union has 11 locations in the Houston area of Texas. Membership eligibility information can be found here.

CommonWealth One Federal Credit Union – Alexandria, VA

CommonWealth One Federal Credit Union contributes to the minimizing of their members’ debt by offering the Debt in Focus analysis tool. Debt in Focus is a free, anonymous, online tool that will provide valuable advice in managing debt. You will get a detailed plan with payment options and budgeting tips. CommonWealth One also offers access to Anytime Adviser, an online personal finance advice tool. CommonWealth One Federal Credit Union has branches in Alexandria and Harrisonburg, Virginia, and Washington, DC. Membership eligibility details can be found here.

Consumers Credit Union – Kalamazoo, MI

With Accel Financial Counseling at Consumers Credit Union, you can get the debt relief you need. Consumers Credit Union is committed to ensuring that their members have access to financial management tools. Accel will help with budgeting, personal money management, and debt repayment. Consumers Credit Union has branches in Kalamazoo, Portage, South Haven, Holland, Mattawan, Lawton and Coldwater, Michigan. Membership eligibility information can be found here.

Image courtesy of Shutterstock.

We want to hear from you and encourage a lively discussion among our users. Please help us keep our site clean and safe by following our posting guidelines, and avoid disclosing personal or sensitive information such as bank account or phone numbers. Any comments posted under NerdWallet's official account are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.
  • http://www.ovlg.com/ Amy Nickson

    Nice article that tells a lot about Credit Unions! :) Customers who are basically frustrated and irritated with the outrageously high fees of the banks may consider the options like switching their funds over to a credit union. In fact, reports suggest that there are about 96 million Americans who use credit unions that offer drastically higher savings rates and considerably lower fees than the traditional banks. Banks actually overshadow the credit unions as the former holds assets of about $14.45 trillion while the latter’s assets might be around $1.03 trillion, as per reports by CUNA. The array of services offered by the credit unions, starting from free ATM usage to electronic banking to interest-bearing savings and loans are the reasons behind their extreme popularity.