First Community Credit Union joins initiative

From press release

BELOIT, Wis.—Jack Gill, president of First Community Credit Union (FCCU) announced FCCU will participate in the initiative. is a new online consumer lending center that will make low-cost consumer credit union loans more accessible to all.

Gill noted: “Many consumers are trapped in high-interest rate loans and are unable to negotiate a lower rate with their current lender. Many seek debt counseling services that claim to remedy this problem. What then happens is that the consumer makes consolidated monthly payments to a third party with the promise of a significant interest rate reduction. Most all of these type of organizations provide such services for a fee. If the consumer misses a payment, he or she may experience an interest rate adjustment back to the rate they could not afford. For some, such a service may be the only solution. But for many, most consumers can successfully move their loans and pay substantially less interest without the involvement of a third party.

“When consumers’ credit card credit limits were substantially reduced resulting in precipitous, historic, interest rates increases, most people thought they had to just pay up,” Gill continued. “That could not be further from the truth. Many people are paying much higher rates on their revolving charges simply because they do not know where to turn. Many people are unaware that the simplest way to get out of a negative equity auto loan situation is to seek a loan interest rate reduction so that most of the payment goes to pay down the principal rather than to interest.

“People are suffering and need meaningful relief,” Gill added. “We may be able to save them hundreds, thousands, tens of thousands and, in some cases, more. goes a long way in providing such relief to stateline residents universally. And the most important thing, it is free. It does not cost the consumer anything to make an application.”

For more information, contact Jack Gill, president, First Community Credit Union, 1702 Park Ave., Beloit, Wis., at (608) 362-9077. First Community Credit Union is a Bauer 5-star rated credit union with branches in Beloit, Janesville, Monroe Center and Machesney Park.

From the March 31-April 6, 2010 issue

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