ProMedica FCU Articles
Rent or own photo
What is Your American Dream?

These days, the “American Dream” is no longer a universal idea; it means different things to different people. In previous decades, the American Dream meant doing better than your parents, which can include buying a home. But today, owning property isn’t necessarily everyone’s immediate goal. During the Great Recession, between 2007 and 2014, 7.3 million consumers lost their homes, according to RealtyTrac. With so many families affected by this loss, it is no surprise that in recent years the home ownership rate has fallen from 69 percent in the early 2000s to 63.7 percent at the beginning of 2015, according to the Washington Post. As home ownership has declined, the 2010s are on track to see the fastest growth in renters in history.

Estate Planning
How can a little planning protect your assets and your family?

We make five-year life plans, savings plans, and even dinner plans, but what about the plan for when the unthinkable happens and we are no longer here to care for our families? Nationally, only 42 percent of adults in this country have estate planning documents such as a will or living trust, according to a Caring.com survey. The numbers in Ohio are slightly more encouraging; with 57 percent saying they have a will in place stipulating who will care for their children in the event of the parents’ death, according to results from the Ohio Credit Union League’s 2017 Consumer Survey.

Back -To-School
Shop Smart and Save this Back-To-School Season

Even though summer has just begun, pretty soon it’ll be time to focus on the school year ahead, and if your family is like most, you’re already thinking about purchasing school supplies for the upcoming year.

Emergency Savings
Nearly a Quarter of Americans Have No Emergency Savings

Nearly a quarter of Americans have no emergency savings, according to a new report from Bankrate.com. However, the percentage of those without an emergency fund currently sits at a six year low, down to 24% this year from 28% last year. Additionally, Americans with an adequate savings cushion – enough to cover six months’ expenses […]

Mortgage Rates
Mortgage Rates Remain Near 7-Month Lows

Mortgage rates touched seven-month lows early this month, and stayed there last week. According to Bankrate.com’s weekly national survey, the benchmark 30-year fixed mortgage rate inched lower last week, moving from 4.04 percent down to 4.02 percent. The larger jumbo 30-year fixed nosed up to 4.00 percent, and the average 15-year fixed mortgage rate settled […]

Car Prices
Car Prices: Something Funny Is Going On

People are paying way too much for new vehicles these days, with average transaction way out of whack with average household incomes. According to Kelley Blue Book, the estimated average transaction price (ATP) for light vehicles in the United States was $33,261 in May 2017. According to the government, the median household income in the U.S. was $56,000 in […]

Identity Theft
Consumers, be wary: Identity theft is on the rise

If you’ve been a victim of identity theft, you’re not alone. Thirty-three percent of Ohioans reported that they’d been victimized by fraud and/or identity theft in a year-end 2016 survey conducted by the Ohio Credit Union League. More could have suffered at the hands of fraudsters without knowing it yet. In 2015, Ohio had the […]

Teen Driver
Breaking News: Parents and Teens Disagree on Auto Ownership

Here’s a finding that will surprise nobody: 76% of teens say they’re ready for a car, while 85% of parents disagree. This comes from independent research conducted for Junior Achievement & American Honda Finance Corporation. The discord may lie in the fact that 86 percent of teens feel that parents should help them with automobile expenses […]

Travel
Travel Smarter and Save Bigger this Summer Vacation

Spring flowers are in full bloom, which can only indicate one thing: summer is nearly upon us. For many, that means it’s time for a well-deserved vacation with family and friends. In a year-end 2016 survey conducted by the Ohio Credit Union League, an overwhelming majority of respondents, 71 percent, are planning to get some […]

Debt
Drowning In Debt

Nearly three quarters of Americans are struggling with debt and the burden is significant in terms of both size and duration, according to a new study from insurer Northwestern Mutual. The company found that, among Americans with debt, 4 in 10 (45%) spend up to half of their monthly income on debt repayment. Nearly half of […]