Last week I was invited to attend a meeting of a group of concerned citizens in one of the communities that we serve. I met with the group in the home of one of their members. As we discussed Rogue Federal and how our members' deposits are reinvested in loans in Jackson, Josephine, and Klamath counties the discussion led to how we must all reinvest in our community.
The conversation quickly turned to the "true" cost of the best deal. I am concerned how Internet banks, captive finance companies, and distant credit card companies slowly eat away at our community's livelihood. Yes, you can get a rate at an Internet bank that is 1 to 2% higher than you can locally, and it is oh so simple. Yes, you can get an auto loan through a captive finance company for a marginally better rate. And yes, you can get a credit card with travel miles, rebates, etc. However, what is the real cost of using these distant service providers?
These companies are all great companies with strong charitable foundations that employ large numbers of Americans. There will always be a need for products and services from organizations that are not of, or for, our community. Yet, they are a threat to the livelihood of great local companies that provide similar and often "more honest" value.
Now take a look at the local providers of these services and look at how they reinvest in the community. It varies from organization to organization, but local providers reinvest in our community through donations to children's activities, support of arts programs, or aid to our schools. The amounts are substantial and critical to the survival of many programs. In addition, local providers employ hundreds, if not thousands of your friends, neighbors, and family members.
If we want our community to thrive we must understand the "true" cost of the deal. Before you make a purchasing decision, please consider the overall cost verses the benefit of the decision. Each time you support a local company you keep jobs in your community, you support youth charities, you support arts initiatives, and you make your community a better place to live.
