The $294 million Belvoir Federal Credit Union in Woodbridge, Va., is getting ready to help its 27,000 members go over the fiscal cliff if the federal government hits that point.
Congress and the president have until January to reach and sign a deal that will prevent some $600 billion in automatic tax increases and budget cuts, including to the military. Belvoir FCU serves Fort Belvoir and numerous SEGs in the surrounding community in Fairfax County, home to a large number of federal workers.
“We hope a fiscal cliff is averted and Congress comes to an agreement. However, if a compromise is not reached, Belvoir Federal stands ready to serve our members who are impacted by providing financial options and services to assist them during this challenging time,” said Belvoir FCU President/CEO Patricia Kimmel.
The credit union’s help will include emergency loans (one year at a low rate and 60-day deferment), loan workouts and skip-a-pay options, as well as financial coaching.
The credit union has created a fiscal cliff landing page on its website.