ProMedica FCU Articles
Mortgage
Mortgage Rates Do an About-Face

Mortgage rates started the year on a tear, continuing an upward trend that push them to highs not seen in years. There was one-party rule in Washington! A new president who wanted to spend a trillion on infrastructure! An aggressive Fed eager to push interest rates higher and higher! And then, reality set it. First, […]

Financial Literacy
Why financial literacy isn’t just one person’s responsibility

Since 2003, April has been designated “Financial Literacy Month” by the federal government, and for good reason. Although most would agree it’s important for people to learn (preferably early) the life skills that set them up for financial success, studies consistently indicate Americans are generally not sufficiently educated about their personal finances. Respondents in the […]

Vacation
Does Vacation Shaming Keep You from Relaxing?

U.S. workers are feeling more guilt than ever before about planning and taking their vacations, according to a new survey from Alamo Rent A Car. Overall, the rental car firm’s Family Vacation Survey  around half (49 percent) of all American workers report feeling vacation shamed – being made to feel shame or guilt by co-workers […]

Technology
How is technology changing the way consumers manage their finances?

Consumers rely on their financial institutions for multiple reasons and define their convenience based on their habits. As technology continues to evolve, these habits are drastically impacted. In a time when smartphones are becoming more and more integral to consumers’ daily lives, financial institutions are increasingly using mobile devices to provide services to their customers. […]

Car Shopping
Five Ways to Turbo Charge Your Car Shopping Process

More than 23 percent of Ohio consumers are considering purchasing a vehicle this year, and 83 percent are more likely to finance the purchase than pay cash, according to a consumer survey conducted by the Ohio Credit Union League. When asked what factors respondents considered when vehicle shopping, 67 percent said monthly payment is the […]

Car Value
These Vehicles Have the Best Resale Value

A great deal on a new vehicle will only stay great if the operating costs remain competitive, and the resale value is strong at trade-in time. A new report from Kelley Blue Book examines the latter. KBB recently ranked vehicles on resale value, and awarded top honors to the best 10. The company’s annual Best […]

economy
Americans Become Fearful of Rising Interest Rates

Change is happening in 2017. Not only do Americans have a new President, but the economy seems to be evolving beyond the “new normal” of super-low interest rates created in in the wake of the financial crisis. Think about it: we’ve now gotten used to having 4% mortgages and super cheap car loans. Banks have […]

Budget
Does sticking to a budget work?

While many Ohio consumers plan to start 2017 off with a household budget/Personal Spending Plan (I like to use the term Personal Spending Plan (PSP) instead of budget. Budget sounds too restrictive and that is not what a PSP is), sticking to that PSP may pose a problem. Data from a consumer survey conducted by […]

Home Ownership
When the Housing Market Sneezes, the U.S. Economy Catches a Cold

U.S. Housing Worth Hit $29.6 Trillion in 2016 If you want to understand how important the residential housing market is to the well-being of the U.S. economy, consider this: The total value of the U.S. housing stock grew to a record-high $29.6 trillion in 2016, according to online real estate company Zillow. The national housing […]

Car Sales
Car Sales Heat Up This December

New vehicle sales are slowing, and that could mean bargains in 2017. December is shaping up to be the biggest month for new vehicle sales in all of 2016, according to new data from Kelley Blue Book. The venerable auto valuation source said that December 2016 new vehicle sales should clock in at 17.4 million […]