Salal Credit Union partners with the financial counseling program BALANCE to provide complimentary financial advice, resources, and education to our members. We’ve known for years that our members who use BALANCE profit (if you’ll pardon the pun) from the assistance they receive. BALANCE worked with Experian to “review the changes in credit and financial standing of [their] clients.” Following are some numbers to make the case.
Just prior to receiving money management counseling, clients had an average of $146,251 in aggregate debt. One year later, the average aggregate debt was $124,315, a decrease of $21,935.
One year after undertaking a credit report review with a BALANCE counselor, the average FICO v8 score increased by 14 points from an average of 586 to 600.
For clients receiving early delinquency intervention/foreclosure prevention counseling, three years after counseling, 84% of those who did not already have a public record bankruptcy still didn’t have one.
In each category, clients saw substantial debt reduction, and many clients at risk of bankruptcy or foreclosure were able to avoid it.
Financial counseling isn’t just for those in economic trouble. BALANCE also provides assistance in establishing a sustainable budget, saving for the future, and purchasing a home. And as a credit union member, you can receive this help for free.
To schedule an appointment with a BALANCE counselor, visit salalcu.org, click the “Personal” tab, and then choose “Financial Education.”
Let Salal — and BALANCE — help you achieve your financial goals!