During the recent federal government shutdown, federal employees had to scrape by as they endured two pay periods without income.
Credit unions around the country stepped up, offering assistance including loan extensions, 0% interest rates on loans, debt consolidation, and leniency for affected individuals.
Varex Credit Union in Salt Lake City, for instance, allowed an active duty member of the U.S. Coast Guard to skip a payment on a loan for her RV motor home, which she uses to travel to multiple job sites, the Utah Credit Union Association reports.
While the loan didn’t meet the usual criteria to skip a payment, the Varex board immediately approved the exception.
“This was a huge relief to our member,” says Tammy Phillips, president of the $16 million asset credit union. “The board was happy and excited to help."