Thousands Of Maine Consumers Stayed Warm, On Budget This Winter Thanks To Maine CUs


Monday, April 15, 2013

Helping Maine consumers afford to heat their homes has become an annual part of credit union operations for many Maine credit unions.  As prices for heating oil and other forms of heat have risen significantly in recent years, Maine credit unions have continued to respond with special heating loans to help consumers.  

During the 2012/13 heating season, more than two-thirds of Maine's credit unions offered some kind of special heating and/or fuel loan to members. Combined, credit unions offered more than $5 million in loans especially designated to help members heat their homes this past winter. The average rate for these loans was 4.1% APR, with some credit unions offering zero percent financing for loans to pay for home heating oil.  

"The rise in energy prices continues to challenge thousands of Maine consumers, and credit unions are doing all that we can to help so consumers do not have to choose between other essentials and staying warm," stated John Murphy, President of the Maine Credit Union League.