Self-Help Shares

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.”

Buried in credit card debt? You're not alone. According to NerdWallet, in 2015 the average U.S. household with debt had $15,762 in credit card debt at an average 18% interest rate. Annual interest alone was $2,630, or more than $50 a week.

Twenty20 Stock Photo

Here are nine tips on how to climb out. Remember, though, there are no magical solutions.

Self-Help staff photo

Since our founding in 1980, serving rural families and communities has been a core part of Self-Help’s mission. Indeed, half of Self-Help Credit Union's branches and a quarter of its members are in rural North Carolina. Self-Help and the US Department of Agriculture (USDA) have partnered for the last 25 years to make loans more accessible for rural businesses. Here are some examples of this partnership, pulled from this new study of Self-Help’s rural lending history.

Eva Hines and her son enjoy their new home in Laurinburg, NC.

In the early 1960s, many families still stashed their savings in a jar or under a mattress. But that began to change in Scotland County, North Carolina when the textile industry moved in, bringing new jobs, new opportunities, and a new credit union for employees. Scotland Credit Association (the company avoided the word “union”) was formed in 1964 to serve local textile workers, and the great majority of them were members.

Over the years, Self-Help has made many loans to entrepreneurs involved in all kinds of enterprises. Here our senior loan officer in Wilson, North Carolina, Robin Hall, celebrates the success of an oyster farmer who is making a name for himself.

The number of decisions you have to make when buying a new car can be dizzying. And while many of them will depend on your individual needs and wants, there are some steps you should take no matter what to ensure you get the best deal.

Enjoy these photos featuring the dogs of Self-Help.