Looking into the credit profiles of the many veterans who were recently appointed to the Boston Fire Department, our credit union team we saw a common thread among many: bad credit and resulting high interest rates on loans. Several of these young men and women, who volunteered to fight for our freedom, had fallen into a pattern that negatively affected their credit scores. Low pay rates and creditors that prey on young servicemen and women while they are stateside are just two of the reasons many get into this situation. The problems are often compounded during deployments when bills and credit obligations are not the main priority (for obvious reasons). As a result, many of our brave troops return home with challenged credit, which leads to high interest rates on credit cards, personal loans, and auto loans and makes home ownership a virtual impossibility.
Boston Firefighters Credit Union answered this challenge by offering veterans A+ credit rates on auto loans (1.99 percent) and personal consolidation loans (7.99 percent). These loans are accompanied by credit counseling and plans to place borrowers on a path to home ownership. Most of our veteran members now have good-paying jobs as firefighters or police officers. However, debt consolidation would be far more difficult without the opportunity to borrow at low rates and the chance that they so richly deserve. At BFCU, this program is our way of saying thank you for the sacrifices these veterans have made.