Ascend Federal Credit Union, focus on providing financial literacy education

Host Jeremy C. Park talks with Tosha Price, Business Development Manager with Ascend Federal Credit Union, who leads their financial education efforts across Middle Tennessee and highlights both the largest credit union in Middle Tennessee and their mission to serve by offering financial literacy education and giving back to the community in a variety of ways. With more than 250,000 members and more than $4.4 billion in assets, Ascend Federal Credit Union is the largest credit union in Middle Tennessee and one of the largest federally chartered credit unions in the United States. Based in Tullahoma, Tennessee, the member-owned financial institution offers banking, loan, retirement, and investment services from its 28 branches, more than 55,000 free ATMs worldwide, digital banking portal, and mobile app.

During the interview, Tosha discusses the importance of providing financial literacy education in the community. She explains the difference between a bank and a credit union, emphasizing that credit unions are not-for-profit and focus on people helping people. She highlights the financial literacy programming offered by Ascend Federal Credit Union, including online modules, calculators, and workshops. Tosha also mentions their initiative, Bonsai, which provides financial education to K-12 students. She emphasizes the importance of budgeting, building a credit score, and using credit cards wisely.

Tosha discusses the importance of using credit cards responsibly, emphasizing that they are loans and not personal funds. She highlights the average interest rate on credit cards is 20%, and advises to always pay the balance off to avoid extra interest charges. She also mentions the availability of college student credit cards with lower interest rates. When it comes to tips for improving credit scores, Tosha suggests paying off debts and diversifying credit types, rather than accumulating multiple credit cards. She also warns against the misconception that paying regular bills like rent or utilities improves credit scores, as only loan payments are reported positively.

Tosha emphasizes the importance of prioritizing savings by paying oneself first and starting small. She suggests having a separate savings account to avoid easy access to funds. She also highlights the benefits of credit unions, such as higher dividends, rewards checking accounts, and more lenient lending practices.

Visit https://ascend.org to learn more about Ascend Federal Credit Union.