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New Mount Zion CU Offers Free Financial Education
Thursday, November 21, 2013 6:50 AM

New Mount Zion CU Financial Education

With no hidden agenda and no strings attached, Dallas-Texas based New Mount Zion CU held its first of many more to come financial education seminars earlier this month. More than 30 people showed up for the free one-day program that was offered to members and non-member alike. 

“Our goal was simply to provide our community with accurate and relevant information that they could easily apply to their daily lives,” notes New Mount Zion CU Manager Iris Netters. “No matter what your financial circumstances are, whether you are struggling to make ends meet or you are transitioning from full-time employment to retirement, we can all benefit from a little financial education.”

The one-day seminar featured presentations on:

  • Retirement savings, including IRAs and CDs
  • Debt ratio
  • Pay day loans and collections
  • Financial freedom, more specifically how to become debt-free
  • The impact of credit scores and credit reporting on your financial life

“People don’t always understand how their credit score affects their credit worthiness until they’re sitting in front of the salesman at the car dealership trying to close the deal,” notes Howard Bufe, assistant vice president of Credit Union Resources’ OnBalance. Bufe gave the presentation on credit scores at the November seminar.

“A good credit score opens a lot of doors, and sometimes people just need someone to explain what financial behaviors can impact their credit score,” continued Bufe. “I noticed a lot of heads nodding and I fielded quite a few questions from the audience, so hopefully they can make some positive steps toward improving their credit scores.”

Netters, who gave a presentation on debt ratio, suspects that some people may think that because they are able to make the minimum payment on credit cards and other debt obligations, that they have their finances under control.

“It’s only when they put everything down on paper – income in one column and debts in the other that they realize their debt-to-income ratio is too high,” notes Netters.

If there is one thing Netters hopes attendees learned from the seminar it’s that everyone has the ability to achieve greater financial stability.

“It’s really not about how much money you make, it’s about how well you manage what you have,” adds Netters.