With the current unemployment rate in Michigan hovering around 8%, our state is seeing roughly 400,000+ people still struggling from the devastation that COVID-19 has caused our workforce. Earlier in the year, when unemployment was roughly double this, the government assisted the country with a relief stimulus allowing many to stay afloat in what has certainly caused a financial stress on many. With unemployment still high, and no current second stimulus relief in sight, Astera wants you to know that we are still here to help. Don’t go through the holidays wondering how you are going to pay your bills, and all those extra expenses that come at the end of the year.
Consolidate your payments
If you have overwhelming debt and you’re paying multiple creditors, consider consolidating your debt into one lower payment. Many credit cards carry high interest rates and consolidating those can not only lower your monthly payments but save on interest. If you have a home with equity in it, consider taking out a home equity loan and consolidating your debt over 10-15 years. I did this process myself earlier this year prior to the pandemic getting worse, and it really saved me a lot of financial stress throughout the year. Click here to read about that experience, and how a home equity loan might be the right choice for you.
Astera also offers multiple loan products that can help keep your feet on the ground. Here are just a few options:
- Snap Cash – Small loan to hold you over until your next pay day. $500-$1,000; 6-month repayment term aligned with your payroll schedule.
- Skip-a-Pay – Allows you to skip one month of your loan payment. You can access this benefit through online banking, or by contacting the credit union.*
- Line-of-Credit – Use only what you need. Pay only what you use.
- Double Your Club Loan – Take the funds you’ve saved from your Christmas Club account and double it! No payments for 3 months.
EmpowerMe financial coaching
Did you know that Astera now offers support by financial coaching for qualified members? With on-site financial coaches you can get a one-on-one specialized plan created specifically for your financial status. Whether you need to save more, boost your credit score, or take steps to become financially secure, our EmpowerMe Financial Program can be just what you need to get back on track. Schedule a meeting today by calling us at 800.323.0048 to see if you qualify for the program.
Astera is here to help with whatever your financial needs may be. Don’t wait to see if things get better or if a new stimulus is going to bail you out of debt, act today! Click here to set up an appointment with one of our member service representatives or call us today at 800.323.0048.
*Only two (2) skips allowed per 12 rolling months. Skip-a-Pay not available on mortgages, home equities or lines of credit loans.