Working With a Credit Union on the Road to Financial Wellness

Orignally published in the January/February 2023 issue of Wake Living Magazine. 

From paying off student loans to purchasing a home, many of the financial dreams of individuals and families are hindered the high cost of living, rising costs, by debt, or the difficulty of navigating the housing market.

A 2021 study showed that 340 million Americans are carrying at least one type of debt (credit cards, personal loans, student loans or mortgages) and the average amount of that burden is $96,371. And inflation is increasing those challenges.

Even one type of debt can be overwhelming, and most people are dealing with multiple. Avoiding debt or planning to pay it off can feel next to impossible. Approximately 60% of Americans live paycheck to paycheck without a clear path to financial wellness.

If you’re dreaming of purchasing your first home, you could be facing an uphill battle to make that a reality. Many homebuyers are having to battle other buyers in this competitive housing market or work to get approved for a loan with existing debt. It can be a complex and difficult process.

In just the last year, home prices in North Carolina have risen 8% and home supply has decreased by 2%. Our region is a major inbound destination for Americans and there are more people than ever working to move to the state.

Coastal Credit Union is ready to help.

Our mission is one of service, not profit, and aims to help members on their path to financial well-being. Among the many services that come with joining Coastal, members have access to staff who can provide actionable advice, tools, or community resources that can help. Tapping into these resources and partnering with professionals not only helps accomplish financial goals but also helps overcome the mental and emotional hurdles associated with major financial decisions or even debt.

A new series on PBS, Opportunity Knock$, shows the immense impact that’s possible with the help of a financial partner that has your best interests in mind, such as a not-for-profit credit union or CDFI. The television series follows families nationwide as they partner with an Opportunity Coach to work through a variety of financial struggles and find the best resources to help them

One of those families is from Raleigh, N.C. Jared and Lauren live in with their two young kids, Lauren’s parents, and her grandmother. Like most young families, they long to have a home of their own where their children can grow up, but it has been hard to save enough to be able to buy one. They have good credit and minimal expenses, but they’re still facing financial hurdles. Hurdles that are familiar to many people across America.

Jared and Lauren’s Opportunity Coach, Jean Chatzky, who has appeared on the Today Show, CNN and Oprah to name a few, recommends they work with a non-for-profit credit union to help them on their path to homeownership. They use the show’s Opportunity Finder that led them to seeking help from Coastal Credit Union.

If you live in Raleigh, then you’re likely aware of how expensive it can be to purchase a home in the area. Jared and Lauren are a great example of the Coastal members we work with every day.  It helps to have a financial institution helping you that reports to its members instead of Wall Street and returns profits in the form of better rates and lower fees, a partner you know you can trust.

Check out Opportunity Knock$ for a look into the process and see how Jared and Lauren worked with their Opportunity Coach, as well as her recommendations to help them. It’s a great example of what can be accomplished when individuals and families enlist the help of experts at credit unions to find financial wellness.

Opportunity Knock$ is streaming now on PBS Passport, airing on UWUNC TV at 8:30 a.m. on Tuesday mornings and public television stations nationally according to local broadcast schedules. The series is distributed by American Public Television and presenting station WXXI Public Media.

Learn more about how to watch Opportunity Knock$ and tune in to witness the inspirational journeys for yourself, visitopportunityknocks.net.