Self-Help Shares

It’s a pleasure to offer weekly news here at “Self-Help Shares,” and we always have lots to cover. Topics include items like money management tips, special credit union events, financial policies that affect working families and profiles of members and community leaders who inspire us.

Charlene Watson at the closing of her new home

For years, Charlene Watson had the goal of becoming a homeowner. She wanted a house in a safe neighborhood where she and her 15-year-old son could thrive. She also knew that by owning, she could build a stronger financial future.

David chats with Tracy Cox, a colleague on Self-Help's Development team.

Hearing loss often comes gradually, at least mine did. It started with an increase in how often I would ask people to repeat sentences. Over time, the problem worsened. When a colleague asked me to turn off my beeping watch—which I couldn’t hear at all—I had to concede that my hearing needed a boost. I started looking into hearing aids.

Self-Help Credit Union Staff at a recent meeting. Photo by Ricky Leung

This is the season with a lot of emphasis on giving. Holiday shopping has begun in earnest, and many of us are stepping up our efforts to volunteer, donate and help make this a better holiday season for the many people—far too many—in need.

Twenty20 Stock Photo

It takes more than a great idea and entrepreneurial spirit to be your own boss. But if you follow the right path, that dream can be within reach. Here’s what you need to do to start a small business.

Self-Help members Kennis Wilkins and Elbert Avery (Staff photo)

This past Wednesday Self-Help Credit Union held its annual meeting in downtown Durham, NC. Even on a rainy night, dedicated members and supporters came out to participate in board elections, receive updates and enjoy good food.

Randy Chambers, President of Self-Help Credit Union, presented the financial report for the organization, noting strong performance and growth. One big event this year was our merger with Jax Metro Credit Union in Jacksonville, Florida. Jax Metro has four branches in Jacksonville with about 4,500 members.

The U.S. House Ways & Means Committee has now released draft legislation with proposed tax changes. Many aspects of this draft will be hotly debated, but here I want to focus on two items in particular. If enacted, the Committee's proposal would eliminate the New Markets Tax Credit and the Historic Preservation Tax Credit -- tax incentives with a proven track record for generating jobs and economic growth.

The New Markets Tax Credit (NMTC) is a great example of a government investment that produces benefits well above its costs. For every one dollar of federal investment, NMTCs have generated $8 of private investment. 

“Today, it is hard to open up a checking account, rent a car, get cable service or check a loved one into a nursing home without agreeing to mandatory arbitration.”    Jessica-Silver Greenberg, New York Times

If you’ve ever been ripped off by a bank or corporation, you know how difficult it can be to get a fair resolution. No matter how egregious the company’s action, you’re one small person facing an entity that often has massive legal resources.

Left to Right: Dewana Little of Self-Help, Marta Alcala-Williams, Jane Hatley of Self-Help and Annice Brown, small business consultant.

For the third year running, Self-Help Credit Union held the “Bringing it Home” conference in Asheville, North Carolina. The event brings together a diverse set of community advocates and entrepreneurs who care about building a local economy that works for everyone. This year’s conference attracted 160 attendees, ranging from Asheville’s mayor, Esther Manheimer, to teenagers aspiring to become successful entrepreneurs.

For opponents of predatory lending, last Thursday was a red-letter day. On October 5 the Consumer Financial Protection Bureau (CFPB) issued a new rule aimed at reducing the harms of predatory payday and car-title loans—usually short-term loans with extremely high interest rates. These loans are peddled as a lifeline, but in reality they drown cash-strapped consumers in debt.

In a national teleconference hosted by half a dozen consumer and civil rights groups, Mike Calhoun, president of our affiliate, the Center for Responsible Lending (CRL), said “These high-cost predatory loans are financial booby traps… This rule is an important milestone in providing working families with reasonable financial products.”