November 30, 2007 Though winter has not yet begun, Maine consumers are already feeling the strain of heating their homes as fuel prices continue to rise. As a result, the number of Maine credit unions offering special fuel assistance loans continues to grow. "This is about helping Maine people, which is a big part of what credit unions are all about," explained Jim Lemieux, President/CEO of Sebasticook Valley FCU, whose credit union is offering 0% Fuel Assistance Loans to members.
In January 2006, a number of credit unions introduced fuel assistance loans in response to the, at the time, unheard of cost of home heating oil with prices going above $2 a gallon. As a result, a number of Mainers locked in to fuel plans last year, only to see heating oil prices go down. "Because of last year's experience with heating oil prices, many consumers chose not to lock in and are facing significantly higher oil bills, leaving them in a financially difficult position. It is gratifying to see Maine credit unions again put the needs of consumers first and offer special fuel assistance loans at low or no interest rates," remarked John Murphy, President of the Maine Credit Union League.
For those credit unions offering fuel assistance loans, the loans can be used to purchase not only oil but propane, wood and most other heating sources used to heat homes.
"The cold weather really hasn't even arrived yet but fuel budgets for people across Maine are spent, leaving many facing an uncertain winter full of difficult choices in order to heat their homes. Thanks to the efforts of many Maine credit unions, many Maine people will not be left out in the cold this winter, literally or financially," said Jon Paradise, spokesman for the Maine CU League.
For those credit unions not offering special fuel assistance loans, there still may be special loans and programs available.
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