The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Together, We Can Build A Brighter Tomorrow

On July 7th, 2009, posted in: Uncategorized by

I’m excited about the future. No, really, I am. One of the great alchemies of all time is the ability of an over-the-top optimist to convert the worst economic calamity our country has seen in 85 years into a warm and fuzzy feeling of hope. But, that’s me.

True enough, maybe I’m just drunk on the American spirit as I celebrate the 4th of July. But this country is great, and the people who make it up…well, if we’re nothing else, the citizens of the good ol’ US of A are never to be underestimated. When the stuff hits the fan, we rally together and get through it.

Post-recession (the operative word being “post”), a new consumer will emerge and St. Louis Community Credit Union will be right there ready to help. We crawled into the foxhole together when the economic bombs started dropping, and when the smoke clears we’ll crawl back out – and together we’ll begin rebuilding. Here’s how…

First, in the new economy, it will be cool to save money. That’s right. Your newfound thriftiness is a great lifestyle choice. Nobody forced you to do it. You did it because you’ve come to realize that the world is a little better place when one has an “emergency” fund to fall back on during those tougher times. I think our mommas called it “saving for a rainy day.” In a post-recession world, we will save more – and that is a great thing to do. And if you’re going to save, you might as well do it with the Credit Union. After all, we have some of the best rates in the region on certificate of deposit accounts and money market accounts.

Second to our post-recession recovery is that our home’s value will come back…slowly.
We have learned that our home as an investment has risk – and just like every other risk – we can lose. However, our home still represents the American Dream. We will be more hesitant to borrow long-term against our property to satisfy our short-term desires. You will see more Americans do less borrowing against their homes for vacations and the like. The vacation is over in seven days. The second mortgage payment lasts considerably longer.

Lastly, because you are borrowing less, you will improve your credit score. That’s right! My guess is that you will pay down your current loans without stacking on new debt. The combination bodes well for an increase in your credit score and the subsequent decrease in your cost of borrowing money. When it’s time to get the next car loan, see us. We have low rates that reward your good credit. That, in turn, lets you save more…and now we’re making headway!

In a post-recession America, we will willingly save and borrow in a more prudent and cost-effective manner. As I said earlier, on the other side of this “wild ride,” we will crawl out of the foxhole together to insure a brighter tomorrow.

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