Making Payments for Life!
Here's a story about how one of our members has saved lots and lots of money...
"About 30 years ago, my husband and I began shopping around for a pop-up camper for family vacations. We found a very nice used unit with an asking price of $1800 which, at the time, was more than we could purchase with cash. I began checking banks for the lowest interest rate but found Piedmont Educational Employees Credit Union (then the name of PCU) had the lowest rate. I was already a member so the only problem was that we had to wait until after the first of the month. The CU was very small then and educational employees deposits were deducted from checks they received on the last day of the month.
My husband said it was foolish to wait 2 weeks and that the camper might be sold to someone else. It seemed to me that a few dollars saved a month was worth trying to make the deal work. The seller agreed to sell the camper to me for $1700 and also agreed to wait the 2 weeks until the money was available. I think the seller thought I was a bit ditzy but didn't have another serious buyer at the time. When we signed the loan agreement, the monthly payment was $65 a month for I don't remember how long, probably about 2 or 3 years.
When we finished paying for the camper, I told my husband that we should keep sending $65 a month to the CU. We did not skip a single month but kept sending our $65 as a savings deposit. My husband and I still maintain accounts at the CU and make other deposits but the $65 still goes into his share account. It has always been treated as a monthly obligation and, even when it was difficult, we kept on track with this saving plan."
Shared by Linda Y. - Member Since 1978.
What a great savings plan! We've calculated that Linda has saved more than $20,000 since paying off her $1,700 camper! With compound interest the amount saved easily surpasses $30,000! That makes for quite a few nights of peaceful sleep under the stars without worry about what the future holds.
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