Frugality and thrift allow us to emphasize those things that are most important in our lives. When we restrict our spending on the unimportant, we’re able to indulge ourselves on the things that matter most.

...from Get Rich Slowly’s ‘The Art of Frugal Living’

(via Aaron Martin)

When Brent asked me to be a guest blogger, I initially was writing a post on my love of NPS. But in the past week have had the opportunity to spar with Ron Shevlin again on the subject, so you can go there for that.

Then I read Doug True’s guest post. What’s on his amazing mind. It got me thinking. I just celebrated my 28th year in the credit union movement. If you told me 28 years ago that I’d be a guest blogger on Open Source CU—huh? There are about four words in that sentence that didn’t exist 28 years ago.

So, what’s on my mind?

I’m in Oshkosh this morning. Watching the news.

I just heard my copy of USA Today drop in front of my door.

Open it.

Front Page: How Rising Home Values Placed your Finances at Risk.

Hmmmmmm…you mean all of the VISA Home Equity cards weren’t a good idea?

It goes on to say….”Banks urged owners to borrow more, based on ‘phantom equity’ that has vanished.”

Flooding Threatens Outdated Levees

I am seeing tons of evidence of last week’s flood in Oshkosh. Very sad.

Sports: Hmm. Celtics won. Probably not the best choice for the announcement:

“Celtics Reign, End Drought.”

Money section: Banks Raise Penalty Fees for Clients’ Overdrafts.

Too depressing.

Let’s see what my google alerts give me. Ahhhhh…...Grace.

What a beautiful word. Grace.

Rita Haynes, CEO of Faith Community United Credit Union appeared in the Dallas Morning News yesterday. “Give Credit Unions the Credit They Deserve ” was the title of the article.

They have created the “Grace Loan” – a small, short-term loan that requires the borrower save a portion of what they would have given to the payday lender in fees, thus teaching them good financial habits and helping build a credit history for their goals.

It got me thinking about the history of credit unions. Our purpose in society. Our cause.

Grace: Pay day lenders are charging interest rates that can reach 400 percent and cripple those who are least able to bear the consequences of debt.

History: The first credit union in North America, the Caisse populaire de Lévis in Quebec, Canada, began operations on Jan. 23rd, 1901 with a ten cent deposit. Founder Alphonse Desjardins, a reporter in the Canadian parliament, was moved to take up his mission in 1897 when he learned of a Montrealer who had been ordered by the court to pay nearly $5,000 in interest on a loan of $150 from a moneylender.

Grace: While payday lenders are geared to take advantage of the poor, credit unions – with investment pools of money formed by members themselves – are geared to help the working class or low-income families establish good credit.

We counsel folks to take loans that are appropriate for their circumstances and in this way protect their members from crushing debt and encourage a habit of savings.

History: Credit Unions were chartered to make loans for provident and productive purposes only.

Grace: We teach someone how to plan and save and become a good credit risk.

History: Credit unions were chartered to promote thrift.

Thank you Rita.

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Denise is a rambunctious Culture Consultant. Her goal is to help credit unions question everything and to renew their faith and their commitment to the credit union brand. Read more from Denise on her blog Cult-ivation .