business & rofessional The Opportunity Exists T he school year has begun and the New Year approaches. Looking at our economy — we are troubled by the budget deficit, Congress's infantile behavior over the deficit cap, a dismal housing market and the prospect of flatline eco- nomic growth for the next year. Yes, we all share a high level of justified frustration. We long for the "fix" so that the economy rekindles and we return to the days of solid growth, available credit and rising real estate values. It has been three years since the start of the Great Recession, however, and the economy is not on track. Property values have declined 40 percent — and remain in an uncertain path between decline and stabilization. Bottom line — we have lost our equity in real estate, and the financial industry expects us to absorb the loss by paying our mortgages and credit card bills. Is this fair? Should we bear the loss when the value of our real estate declined as a result of the mismanagement of our economy and the greed of the financial industry? Does it matter to you that we, as taxpayers, are underwriting the cost of the stimulus pack- age and $180+ billion funding of the losses of Fannie Mae and Freddie Mac in the hous- ing sector? This is a double dip — but only from our pockets. My answer is simple: "No, we should not bear the loss." Our economic system is bust- ed, and the result is we lost our earned equity. Waiting for real estate values to increase is not going to reverse the loss. The situation, however, can yield a positive outcome. In a good economy, we are afforded the ability to make assets increase — through market and real property appreciation. What most people don't realize is that a bad economy also creates opportunity to gain equity — but in this case it is by shedding debt. Today's economy yields unprecedented opportunity to decrease or eliminate debt — in ways that were not available in the pre-2008 years. These are "windows of opportunity" and they The Credit Union Perspective By: John Normandeau, President/CEO BestSource Credit Union 111 John Normandeau, CEO on Saturday mornings on WDFN "The Fan" Radio 1130 AM. Join us for Free Friday! When you're in the market for a new vehicle your focus is finding the best vehicle for the best price. What really is the best price? Do you take the zero percent financing or the $2,000 rebate incentive ■ Extended hours 7 am to 7 pm ■ Free ATM fees" ■ Free checking ■ Free checks< ■ Special CD rate** It's also important to note that a very small percentage of people will actually qualify for the zero percent financing. If you do a little homework before you step foot into the dealership and are armed with alternative financing, you might be able to save yourself some money. At BestSource Credit Union our mission is to improve our members' financial lives. We currently have auto loan rates as low as 2.5% *. Stop by a branch or give us a call at 800.666.4500 to see how we can help you achieve your goals. Our loan officers can help you determine what the best deal is for you. For more information, visit www.bestsourcecu.org . * All loans subject to approval and verification of submitted information. Rates and terms may vary depending upon credit qualifications, age of collateral and relationship with BestSource Credit Union. Does not apply to loans currently financed through BestSource Credit Union. MET SOURCE' UNION September 8 • 2011 and host of The Financial Crisis Talk Center, a radio program that airs weekly at 8:30 a.m. September 16 Here's an example: let's assume the purchase price of the vehicle is $18,000 and you want to do a 48 month loan. If you take the zero percent financing, your total cost for the vehicle after 48 months is $18,000. If you take the $2,000 rebate the initial cost of the vehicle is lowered to $16,000 and assuming an interest rate of five percent, the total cost of the vehicle at the end of the loan is $17, 686. A savings of $314. 46 Ken Gross is an attorney with Thav Gross Dress For Success To Help Job Seekers The National Council of Jewish Women, Greater Detroit Section will host its third annual event for job seekers, Dress For Success, from 1-3 p.m. Tuesday, Sept. 13, at the organization's Council ReSale in Berkley, 3297 W 12 Mile Road. Dress for Success is designed for job seekers who would like to brush up on their interviewing skills and those inter- ested in learning how to update their work wardrobe on a budget. Karen Gutman, an employment spe- cialist from the Jewish Vocational Service (JVS), will be on hand to provide tips on resume writing, networking and job search skills. WS is a nonprofit, non-sec- tarian organization, offering career and employment services. At the Council Resale Shops, attendees will receive 20 percent off all clothing and accessory purchases on the day of the event. Limitations may apply. Funds from Council Resale Shops support nonprofit projects across Metro Detroit and make programs like Dress for Success possible. There is no charge to attend and reservations are not required. For more information, call Council ReSale at (248) 548-6664. In the market for a new vehicle? Is getting zero percent financing for an auto loan really the best deal? offered by the dealer? Most people would not hesitate to say that zero percent financ- ing is the way to go. Who wouldn't want a loan without having to pay interest? The reality is, that isn't always the better deal. cREDIF are as important and critical to your future economic well-being as is seiz- ing the moment of the good investment when we have a healthy economy. Of course, it is more fun to realize a $100,000 gain by purchasing real estate and having it appreciate in three years. Nevertheless, in today's world, if you real- ize a $100,000 gain by shedding debt, and you can accomplish this in one year, you have accomplished even more. Some people may have a difficult time accepting the notion that it is OK to shed debt, but big business doesn't. Just look at GM, Chrysler and the airline industry. Other people worry about being accused of getting a free ride. Funny, though, the financial industry certainly does not. In the end, our government expects us to pay twice — lost equity plus taxes to resolve the deficit. You want help? If so, I suggest you do what any capitalist would do — seize the opportunity that is there and look out for yourself and family. 1 JN Enter for your chance to win a $500 Visa® gift* card ! Participating locations Beverly Hills, Bloomfield Hills, Farmington Hills, Livonia, Troy Main, Troy North, Shelby Township 6.41 Independent Bank Independenthank.com *One gift card will be given away on Wed., Sept. 21, 2011. No purchase necessary to enter or win. See official rules for more details. "Open a new personal checking account on Friday, Sept. 16, and we'll refund any foreign ATN1 fees you obtain the first three months of account opening. Bring in your IBC statement into any location listed above for a refund. Improving Members' Financial Lives `Open a new personal checking account on Friday, Sept. 16, and your first order of Mini-Pak checks are free with IBC covering the cost for any expense above the $25 check buy-back offer. Visit your nearest office for details. *Restrictions apply, contact your local banking office for more information. Member FDIC.