ROCKY HILL, Conn.–Nutmeg State Financial CU has introduced “Fresh Start” services designed for building credit and establishing money management skills.
The Fresh Start program includes a “Rebound Checking” account that offers access to direct deposit and a debit card. “Without these services, many people rely on check-cashing facilities which can be time consuming and very expensive,” the credit union said. “Having an active checking account in good standing is essential to repairing credit and regaining control of a person’s finances.
In addition, Nutmeg State said it is offering a secured credit card with a low rate and the same rewards program as the traditional card. “By securing funds that match the card limit, the user receives a safe option for managing money while repairing credit,” Nutmeg State said.
‘Life Can Be Complicated’
“We understand that life can be complicated and that a person’s financial standing can be easily damaged,” said John Holt, president and CEO of Nutmeg. “We designed our Fresh Start services to offer a safe and easy alternative for repairing credit and regaining a financial foothold. Having access to a credit card allows users to avoid predatory lenders or resorting to payday loans which ultimately make the person worse off than before.”
Another prominent feature of the credit union’s offerings is the “Working Wheels Car Ownership Program,” which it introduced earlier this year.
“For many families, having access to a reliable source of transportation is integral to maintaining employment or education,” the credit union said. “Working Wheels allows qualified families to borrow up to $10,000 for vehicle purchases. Applicants must have a minimum of six months employment and work at least 30 hours per week to qualify.”
The program also includes a required financial education component to stress the importance of proper financial management.