How to stay sound during financial uncertainty

In uncertain times, it helps to have someone to lean on. Both locally and nationally, we’ve faced difficulties in recent years, from pandemics to wildfires. And every time, it’s amazing to watch our communities come together in times of need, stepping up to lend a hand to neighbors, complete strangers and even pets. 

OCCU is here to lend a hand too. We’re focused on supporting our members with lending solutions that meet you where you are. If you’re facing a loss of income, unexpected medical bills or other expense burdens, we’re here to help you through it. 

It’s natural to worry when the unexpected happens, whether it’s happening around you — like storms or fires — or to you directly — like job loss or a medical emergency.  So it’s important to know what resources are available to you now so you can maintain your financial footing. 

Explore your lending options 

A personal loan or credit card can help you stay afloat in tight times. Since everyone’s financial situation is different, OCCU has assembled a variety of lending solutions to help our members. 

Personal line of credit: A personal line of credit works much like a credit card but with the advantage of a lower interest rate. You can use it as overdraft protection for your checking account and withdraw funds as you need them. 

Personal loan: A personal loan can help you meet a sudden expense or give you a cushion in the bank when you know you’re going to need it. With interest rates lower than most other loans, it can help ease your financial recovery. 

Credit cards: If you need a credit card to help cover your expenses, or if you’re looking to transfer debt to a lower-interest card, OCCU credit cards can help you out financially. Check out which credit card options are available. 

Put your payments on pause 

If you can’t make all your monthly payments, you might be able to skip some without a penalty. OCCU’s Skip-A-Pay program, for example, can give you a break from loan payments for up to two months if you have an eligible loan with us. 

You may also have some flexibility on other monthly payments, such as utility bills. Check with your providers to see what they can offer. 

Prioritize your expenses 

In an emergency, our financial priorities change. Short-term needs rise to the forefront. Long-term financial plans may need to be paused. Online subscriptions become more important than gym memberships. You may face some tough choices in the coming months but rearranging your financial priorities now can help make those decisions easier. How you sort your priorities will depend on your individual household, but financial experts recommend that you: 

• Make housing and food your top priorities. 
• Make minimum debt payments if you can. 
• Put any extra income into your emergency fund. 

If you’re looking for a way to start building funds, our Ignite Savings^® account can be a great tool to help. 

When you’re facing an emergency, it helps to know there are people in your corner ready to help. OCCU is here to support you and give financial peace of mind.