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2018 Business of the Year Awards

Power Financial Credit Union has been selected by the South Florida Business Journal as special honoree recipient for the 2018 Business of the Year Awards. Power Financial Credit Union will be presented with the 2018 Nonprofit/Institutional Business Award! The Business of the Year Awards were created to give recognition to those organizations and their teams that build the South Florida economy through solid business practice, dedication to our community and financial growth. We are so honored to be given this award. Past recipients of the prestigious Business of the Year Awards, now celebrating 21 years, have included many notable companies in the region such as AutoNation, JM Family Enterprises, Kaufman Rossin and Ultimate Software, to name just a few, and we are thrilled to join this prestigious list! Be sure to get your copy of the South Florida Business Journal’s April 27 edition to view our feature article. We are so excited to share the Power Financial Credit Union story with our community! It takes a high performing team, made up of incredible people working as one, who pursue excellence every day, to achieve this level of recognition.  The Power Financial staff has been instrumental in securing this award, and we look forward serving our members for years to...
Financial Quick Fixes Come at a High Cost

Financial Quick Fixes Come at a High Cost

Prohibited in 18 states, payday loan companies still manage to offer more than 20,000 locations across the United States, making them more common than McDonald’s restaurants. Banking on consumer desperation, these programs market their services to financially vulnerable customers. When potential borrowers encounter an unexpected money crunch, the appeal of getting instant cash with minimal qualifications seems too good to pass up. If the borrower is employed and receiving regular paychecks, that’s usually all it takes to get a loan. However, these loans traditionally charge rates of 300% annual interest (APR) or higher, saddling the already-struggling borrower with an even heavier financial burden. Even though a payday loan is designed to be paid off when the customer receives their next paycheck, the outrageous interest charges often make it incredibly difficult to pay off the full amount. Since the average payday loan payment consumes 25-50% of a borrower’s income, the threat of default is extremely high. To avoid defaulting on the loan, many customers elect to pay only the interest charges and roll over the loan for another pay period. According to recent CFPB research, almost 4 out of 5 payday loan customers re-borrow within a month. What started as a temporary fix becomes an ongoing cycle of debt. High-interest consumer loans: overspending over time While payday lending companies are traditionally limited to loans of $1,000 or less, there is no shortage of consumer lending companies willing to offer similarly unfavorable terms on higher loan amounts. Like payday lenders, these lenders commonly target individuals with less-than-perfect credit or little to no collateral. But rather than charging outrageous interest rates for...
Should You Pay for Credit Repair Services? Probably Not.

Should You Pay for Credit Repair Services? Probably Not.

Call it a coincidence. Call it savvy marketing. Whatever you call it, there always seems to be a spike in credit repair advertisements around the time the first Christmas shopping bills arrive. Maybe you’re staring wide-eyed at a balance that’s higher than you expected, wondering how you’re even going to keep up with the minimum payments. This kind of uncertainty can set the stage for bad decisions. So, before you scramble and sign-up for credit repair services, take a deep breath and realize you have more control than you think. Risk vs. Reward: Is credit repair worth the cost? It’s important to remember that some credit repair services are legitimate businesses, able to follow through on their claims. Unfortunately, the reputable companies reside in a corporate landscape littered with scam artists and opportunists. If you’re willing to devote enough time and research, it’s possible to separate the upstanding services from the scams, but as NerdWallet columnist Liz Weston points out, “If you’re able to do that kind of research, then you can certainly figure out credit repair and do it yourself.” While the trustworthy credit repair companies aren’t necessarily too good to be true, there’s a good chance they’re too costly to be worth it. When you consider that many of these services charge monthly fees ranging from $30-$100, the boost in your credit rating may not justify the ongoing expense. Facing credit challenges? Power Financial Credit Union can help.  Good credit isn’t the result of tricks and trade secrets. It’s established by applying solid financial habits over time. The same holds true for credit repair. While there may be some...
Random Acts of Kindness Day 2018: Let’s Do This!

Random Acts of Kindness Day 2018: Let’s Do This!

“No act of kindness-no matter how small-is ever wasted.” -Aesop February may be the shortest of all the months, but with two separate days dedicated to helping others feel special, it certainly seems like the nicest. Just three days after Valentine’s Day celebrates the beauty of romantic love, Random Acts of Kindness Day comes along on February 17th and encourages charity. Though the day may seem like an appeal to selflessness and altruism, helping others is usually a mutually beneficial experience. Kindness tends to reward the giver as well as the recipient. Being kind is good for everybody. We’ve all heard that being nice to others makes you feel good, but did you realize science backs up that claim? According to researchers at Dartmouth College, simply seeing an act of kindness causes our bodies to produce oxytocin, a hormone that lowers blood pressure and increases optimism. If just observing kindness can improve our heart health and social outlook, imagine what can happen when we get involved! Okay, I’m in. What do I do? There are endless ways to be kind, but sometimes the myriad of options makes it hard to decide what to do. While randomness offers a world of freedom, it also leaves room for overthinking. To help you avoid analysis paralysis, we’ve come up with a few ideas for you to consider on Random Acts of Kindness Day: Look back and pay it forward. If you’re hitting the drive-thru for coffee or breakfast on the way to work, paying for the order of the car behind you is a great way to start a chain reaction of...