Maine CUs Again Helping Mainers Stay Warm, Financially Stable
November 13, 2014
Despite lower prices on oil and other sources utilized by Mainers to stay warm during the winter months, the cost of heating homes is still a significant challenge for many Mainers. Once again, a survey by the Maine Credit Union League found that nearly 75% of all Maine credit unions are offering special low or no interest energy loans for the winter of 2014/15.
"It's great to see Maine credit unions again putting the philosophy of 'people helping people' to work for Maine consumers. Heating costs, although lower right now than in years past, are a challenge for many people. The ability to help them cover their heating costs with special loans at low interest rates or, in some cases, a rate of 0% will make a big difference on many people's budgets. Maine credit unions continue to focus on ways to help consumers, and this is yet one more example of how we do that," remarked John Murphy, President of the Maine Credit Union League.
In the League's survey, interest rates on energy/heating loans ranged from 0%-6%, with an average rate of 3.99% among all credit unions offering these types of loans. As of early November, more than $5 million total had been committed and/or set aside by Maine credit unions to fund these special loans.