The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
What Does “Local” Really Mean?
What Does “Local” Really Mean?
You’ve heard the message a lot in the media lately: Financial institutions in our area claiming to be “local.” Sure, for many consumers who are new to Central Oregon from another region or state, a financial institution that’s headquartered in Portland or Billings might feel local. But what does local really mean to you?
We have seen a lot of change–and a little bit of confusion–occurring in our local financial landscape over the past year or so. Some institutions have merged with larger, regional institutions; some have been caught doing things that aren’t exactly in their customers’ best interests; and quite a few have implemented changes that could be costing you more money to manage your financial lives—such as eliminating free checking.
Central Oregon Financial Choices
The good news is that consumers in Central Oregon have a lot of choices, thanks in part to the credit union movement. For decades, we’ve worked to protect your right to choose your financial institution. As a result, we find that communities with a credit union presence pay lower interest rates on loans, and pay fewer fees, than communities whose consumers lack those options. Even if they’re not credit union members!
And if they don’t have one that’s serving their needs, they have the right to start their own. That’s how our cooperative was founded back in 1957, when eight Prineville educators pooled their savings to give each other loans in times of need.
Local: Headquartered In and Serving Central Oregon
So, if you’re choosing a financial institution that’s headquartered, founded, and exclusively serving the folks of Central Oregon, there’s only one—Mid Oregon Credit Union. We were founded here, we’re staying here, and we have only one purpose—to meet your financial needs and help you achieve your dreams. To us, being local means we make sure that you get the financial services you need more conveniently and affordably, and we do our part to support the community that we all call home.
Thanks for your membership. We look forward to seeing you soon.
To Pay Down Debt, First Save
When you want to pay off debt fast, that impulse often means depleting your savings. So how do you pay off debt AND save money?
Paying Debt vs. Increasing Savings
Mathematically, based on the interest rates of your loans versus your savings account (or other savings products), your debt is likely costing you more money every month than your savings is earning you. Thus, looking simply at the highest net impact of your dollar, it would make sense to use extra income to pay off debt rather than save the money.
But this strategy usually results in more debt. Crazy, right? But think about it. If you’re taking all your spare dollars and diverting them to your credit card or other loans, completely neglecting your savings account, what will you do when an emergency comes along, things like car repairs, vet bills, etc.?
No Savings Can Equal More Debt
Life happens, and since you don’t have a savings account, you’ll probably have to slap these expenses onto your credit card. You know, the one you’ve been working so hard to pay off?
Here’s how to get out of this cycle:
1. Put away the credit cards and stop adding to your debt. Remove the temptation.
2. Set a goal for your savings account that you’re comfortable would cover most emergencies, for instance, $500. Depending on your situation, it might makes sense to have a goal of $1,000. It’s up to you.
3 .Pay at least the minimum payments on your loans while you build your savings account until you reach $500.
4. Then dedicate more money to paying down debt. Winter is around the corner, so why not consider the “Debt Snowball” method?
Debt Snowball
But how do you pay down your debt? There is a proven method called the “Debt Snowball”. Having a process can help you keep on track and stay motivated. You could pay off the debt with the highest interest rate first, but that may not be best for you. Read “How to Get Out of Debt With the Debt Snowball Plan” from Dave Ramsey to learn a different way which may make better sense. On to step 5…
5. If an emergency comes along that takes your savings below $500 (or $1,000), switch back to paying the minimum on debt and put extra money into savings to build that back up.
6. Once savings is steady at $500 ($1,000) and you feel you’ve gotten your debt under control (or paid off), start increasing your savings. Most personal finance experts say your emergency savings should be able to cover three to six months of living expenses.
And don’t stop contributing to your retirement savings or dip into your retirement savings unless it’s truly an emergency—your future self will thank you.
With patience and some baby steps, you’ll soon have your finances under control and find yourself resting on a comfortable nest egg.
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Call for Funds for CA Fires
Central Oregon has been hard hit by wildfires the last couple of months. But we haven’t faced the kind of devastation seen from hurricanes on the Atlantic and Gulf Coasts. More recently, and closer to home, Northern California has experienced horrendous losses from wildfires. Mid Oregon Credit Union would like to share with you an appeal from our regional association- The Northwest Credit Union Association (NWCUA) and our Foundation (NCUF)– will provide funds for CA fires to help some of those impacted by the recent California fires.
To learn more about the current conditions of the wildfires, read the LA Times article, “Fire loss total surges to 8,400 structures in Northern California“.
From the NWCUA
In recent weeks, natural disasters have devastated communities across our nation. From Puerto Rico to the Northwest, these disasters have left our friends and neighbors without food, water, and shelter.
The onslaught of these disasters has left many reeling, and your Northwest Credit Union Association and Foundation staff continue to be overwhelmed by the outpouring of generosity and support coming from our member credit unions. From branches collecting care packages for hurricane victims to the generous monetary donations coming from across our region to support those impacted by Northwest wildfires, we are reminded daily of the impact this Credit Union Movement can have when we rally to support our communities.
In lockstep with your own generosity, your Northwest Credit Union Foundation committed funds to support Hurricanes Harvey, Irma, and Maria. We also seeded a match fund for Northwest wildfires that was quickly surpassed due to your generosity.
Today, the Northwest Credit Union Foundation is once again committing funds and asking you to join us in supporting our credit union family impacted by the wildfires raging through California. We have been in close communication with our colleagues in the California/Nevada League, and have heard how dire the situation is for so many credit unions and credit union people. Hundreds of credit union employees have experienced a total loss of their homes, and credit unions have lost branches to these devastating fires.
Please join us once again in supporting our credit union family during this time of unfathomable loss. The Northwest Credit Union Foundation is committing $5,000 to the National Credit Union Foundation’s CUAID campaign. We know you have already been so generous over the past few weeks, and we appreciate any support you can provide to help victims of the California wildfires.
Donation Details
If you wish to donate to this fund, click here. Note: You will have the opportunity to choose from the following for your donation to provide funds for CA fire victims:
- General Disaster Relief (Calif. Wildfires, Harvey, Irma and/or Maria Relief)*
- Hurricane Irma Relief
- Tropical Storm Harvey Relief
* The General Disaster Relief Fund goes to credit union people affected by any disaster, now or later, giving the Foundation flexibility to direct funds to where they are needed most. The Irma & Harvey options are for donations designated to credit union people affected by that disaster specifically per National Credit Union Foundation policies.