Agency credit unions ready to step in during default

Friday - 7/29/2011, 2:26pm EDT

Some agency credit unions are offering short-term loan programs as the country nears the Aug. 2 deadline of defaulting on its debt. It's unclear if feds will receive paychecks or retirees will receive Social Security checks if Congress fails to raise the debt ceiling.

The NASA Federal Credit Union is offering a zero percent interest furlough relief loan to NASA FCU members, including those who work for the FAA and were furloughed as part of the expiration of the FAA funding bill, which was separate from the debt limit debate.

Members of the PenFed credit union, serving military or civilian employees and retirees, will continue to receive payments in August if they regularly have their pay direct deposited to PenFed.

USAA and Andrews Federal have a one-time loan program set up for the Aug. 15 payroll.

The State Department Federal Credit Union is offering 60-day no-interest credit cards and free financial coaching for existing members.

More information on federal credit unions