A Message From Our President

As we enter 2023, we reflect on how our institution has thrived through 2022. We are humbled by the loyalty of our members and grateful they have chosen us as their primary financial institution. This year we have helped many of our members achieve financial success by teaching various financial literacy courses and offering products and services that meet their needs.

While reflecting on key issues that have impacted our members in the past 12 months, we wonder if they will serve as indicators of what we may encounter in the future. Inflation, a concept that few people ever talked about, is now at the forefront of many conversations – and rightfully so. The overall cost of goods has gone up more than 7% in the past year. Our members were hit hard by double-digit percentage increases in prices for food, energy, and transportation. Across the board, paychecks are not going as far as they did 12 months ago.

Another area that has had a major impact on our credit union and our members is interest rates. The federal funds rate went from less than 1% a year ago to now nearly, 4%. This means that the cost to finance practically anything, from cars to appliances, has gone up. The average 30-year mortgage rate rose from around 3.25% last year to about 6.75% as of today. Just to give you an idea, this rise in interest rate would increase the monthly payment on a $300,000 home mortgage by more than $600 per month.

With that said, we know that some of our members have different struggles, and one of the toughest battles is payday loans. We have developed a multitude of services to help our members before, during, and after a financial challenge. However, our team took the time to create a new product that will help end the vicious cycle of payday loans. We now offer programs that will consolidate and reduce these outrageous interest rates and offer financial support to educate our members and prevent them from finding themselves in this predicament again.

If you find yourself struggling financially, we are here to help you, whether it is debt consolidation, savings plans, or even short-term loans to help bridge the gaps and shortfalls. We can work with you on debt repayment plans and look for ways to avoid larger issues like bankruptcy, foreclosures, and repossessions. Furthermore, we have a long-standing partnership with GreenPath Financial Wellness, a comprehensive financial education and counseling organization that has been offering financial planning services for more than 50 years. We have a variety of tools available through GreenPath, including budgeting and protecting your credit, which can all be accessed directly on our website.

As a member of Dade County Federal, you are not only part of the credit union movement, but also part of our family. We want to make sure that all our members get the guidance and service they need to be financially successful. While the past year was a challenge, indications are that things are starting to take a turn for the better. We don’t know for certain what 2023 will bring, but you can rest assured that we will be here for you.

Happy New Year,

George Joseph

President/CEO