With the U.S. Government partial shutdown entering its third week, many federal employees and contractors could see reduced paychecks – or perhaps no paycheck at all. And New Mexicans have been hit particularly hard. Nusenda Credit Union is lending a hand to those who may be facing financial challenges with member assistance loans, loan payment extensions, savings-secured loans, and helpful budgeting tools.
In a report from WalletHub released late last week, New Mexico is only behind the District of Columbia when it comes to residents being impacted by the partial government shutdown. The report shows that New Mexico ranks No. 4 in highest federal contract dollars per capita, and third highest percentage of families receiving SNAP benefits. Additionally, the state’s Native American communities are being affected – healthcare clinics are closed; and schools may not have federal funding to re-open after the holiday break.
“We understand this is an especially trying time for New Mexicans and our credit union members and their families,’ said Nusenda Chief Community Engagement Officer Robin Brulé. “It’s our mission to be a trusted financial resource for our members to help ensure their personal and financial well-being. Having options and solutions immediately available to those affected is simply part of our continuing investment in our people and our home state.”
Several financial options are available to help both new and existing Nusenda members affected by this partial shutdown:
- Member Assistance Loans* – those affected by unpaid leave or shortened work weeks can apply for a 0% loan up to $6,000 that can help in meeting everyday expenses. This loan is also available to members whose spouses are impacted, even if they are not Nusenda members.
- Loan Payment Extensions* – Nusenda will work with loan payment arrangements, including the possibility of payment extensions or deferrals.
- Savings-Secured Loans* – Members can borrow money for any purpose, at Nusenda’s lowest interest rate, for a personal loan with affordable monthly payments using a share account or share certificate as collateral.
- Free tools for members and the public at-large that help manage spending and identify areas to assist in reducing expenses. These include financial calculators; workshops and educational resources; and Money Manager, an online financial management tool that can help track spending, set savings goals, and efficiently pay down debt.
For more details, visit our Member Assistance Loan information page, call 505-889-7755 (800-347-2838 outside the Albuquerque area) Monday through Friday from 7:30 a.m. to 6 p.m., or Saturday from 9 a.m. to 2 p.m.; or visit any of Nusenda’s 20 branches.