Nutmeg Offers Credit-Building Financial Opportunities

Nutmeg State Financial Credit Union recently announced “Fresh Start” services designed for building credit and establishing money management skills. With several loan and account components, this is one of many programs developed by the credit union to help improve local communities.

“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.”

The Fresh Start program includes the Rebound Checking account, which 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. Having an active checking account in good standing is essential to repairing credit and regaining control of a person’s finances.

Additionally, Nutmeg offers a Secured Credit Card which allows users to have access to a 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. “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,” said Holt.

The program most prominently features the Working Wheels Car Ownership Program introduced by Nutmeg earlier this year. For many families, having access to a reliable source of transportation is integral to maintaining employment or education. 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.

“I’m extremely proud of all the work Nutmeg does to help our members and our communities,” said Holt. “These services allow people to transform their financial lives by taking negative banking and credit history and turning it into a new opportunity.”

To learn about Nutmeg State Financial Credit Union’s Fresh Start program visit www.nutmegstatefcu.org or call 860.513.5000.

About Nutmeg
Chartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in the Hartford, New Haven, Middlesex or Tolland Counties as well as the cities of Shelton, Stratford and Bridgeport, Connecticut. They offer members a friendly banking environment and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.