PSCCU Encourages Local Resiliency

One sign of local resiliency is Vashon’s credit union. Island residents looking for ways to improve their financial situation have found an ally in PSCCU. More than 1500 members have opened accounts there as the credit union approaches its first anniversary in March. In 2012, the staff is poised to assist with debt re-structuring, and various loans, including both re-financing or setting up mortgage loans. Ann Leda Shapiro is one of those singing the praises of Vashon’s credit union. She was recently able to make her first home purchase with the guidance and assistance of Patte Wagner, branch manager.

Shapiro had rented on the island for years. When her landlord asked her if she’d like to buy the property, she began a lengthy learning process about home systems as well as the loan process. Shapiro is a local artist and acupuncturist whose property includes a studio and home in Ellisport. Shapiro has a huge sense of gratitude at becoming a home owner. She finds a sense of rootedness and expanding relationships with her neighbors, including the five-year-old who comes to paint in her studio. "I wish this to be my final home," commented Shapiro.

Wagner guided Shapiro through the entire process, including getting documents ready.

The mortgage loan came through Evergreen Home Loans, a local mortgage company, and then the credit union bought back the mortgage. A significant portion of the mortgages arranged through the credit union are bought back; currently $6 million of local mortgages are held by PSCCU.

Such mortgages benefit local owners like Shapiro as well as our labor market and the community involvement funds that the credit union plows back into local enterprises. Among their many community initiatives, the credit union is sponsoring a little league team and the Lavender Festival Day at our Farmer’s Market.

Energy efficiency loans through PSCCU have distinct advantages over the Big Banks. Corporate banks typically refuse to loan without security or equity and with so many homes under water, i.e., being worth less than the mortgage amount, that places homeowners in a difficult plight. How can they lower their energy bills and make their homes more comfortable? PSCCU’s energy efficiency loans don’t require equity and are as low as 4.99% interest rates. Homeowners have been improving their property and employing local contractors so our community is again strengthened in resiliency. Heat pumps, geothermal systems, energy-efficient window, and wind and solar systems are all possible through the credit union. Lowering our energy costs and greening the grid are big benefits.

Re-structuring debts is also empowering local residents. The horror stories of folks caught in consumer debt with predatory rates of 29% have entrapped our neighbors. Staff at the credit union counsel members on ways to reduce debt. They offer two kinds of credit cards that provide relief from the predatory rates of corporate banks. Both kinds of credit cards have no fee for transferring balances, while corporate cards typically smack consumers with a 3% balance transfer fee. Both cards also charge only 1% for international transactions (including Canada), which is much lower than corporate cards. The Classic credit card has an 11.99% interest rate and no annual fee. The Platinum card has an 8.9% interest rate and a small annual fee. The Platinum card is the rewards program with points available for travel or merchandise. The points also don’t expire; again, much friendlier than corporate cards.

Locals who have re-structured their consumer or car loans find relief in the lower payments. Vashonites have commented that PSCCU loans are a ‘life-saver’ and ‘let us re-build our lives slowly.’ One resident burst into tears of relief at realizing that the family’s monthly debt load had dropped $30. On a tight budget, that makes a huge difference.

Stop by the credit union during its first anniversary celebration. Enjoy the art of John Anderson, music, food and prizes during First Friday on March 2nd.

Resiliency rocks!