PORTLAND, Ore., July 20, 2021 – The U.S. Bureau of Labor Statistics (BLS) reported in June that prices increased by 5% between May 2020 and May 2021, the largest increase since September 2008. Economists have taken notice, and are warning inflation could be on the horizon. Meanwhile, Treasury Secretary Janet Yellen has signaled a willingness to increase interest rates to support the economy. To help the community prepare for the impacts of inflation and the possibility of increased interest rates, OnPoint Community Credit Union today offered guidance to help people in Oregon and Southwest Washington keep their finances on track.
"Increasing costs and interest rates have created a lot of uncertainty in our community, but the good news is there are steps you can take to prepare yourself financially," said Tory McVay, Senior Vice President/Chief Retail Officer, OnPoint Community Credit Union. "OnPoint sees firsthand the impact that national economic issues like inflation have on family budgets. Even a fraction of a percentage point can increase monthly payments on an auto or home loan by hundreds of dollars. However, there are ways to keep from getting caught offguard by these shifts."
Below are four proactive steps OnPoint recommends to prepare for the potential impacts of inflation and rising interest rates:
From budgeting worksheets and home loan calculators to Enrich, a personalized and interactive financial education platform, OnPoint offers many tools and resources free of charge to help individuals achieve financial wellness amid uncertainty. In addition, OnPoint will soon operate 55 branches across Oregon and Southwest Washington and encourages community members to visit their local branch to discuss how shifts in the economy may impact their budget and how best to prepare.
ABOUT ONPOINT COMMUNITY CREDIT UNION
OnPoint Community Credit Union is the largest credit union in Oregon, serving over 440,000 members and with assets of $8.4 billion. Founded in 1932, OnPoint Community Credit Union's membership is available to anyone who lives or works in one of 28 Oregon counties (Benton, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Morrow, Multnomah, Polk, Sherman, Tillamook, Wasco, Washington, Wheeler and Yamhill) and two Washington counties (Skamania and Clark) and their immediate family members. More information is available at www.onpointcu.com or 503-228-7077 or 800-527-3932.
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