SPOKANE — As rising costs strain household budgets, financial experts say strategic moves can help reduce economic stress for families.
Denise Cajigas, vice president of loss mitigation at STCU, works with members facing unexpected financial hardships. She says the first step is asking for help.
“Our economy alone, right? The gas prices are through the roof, utilities are increasing, just our basic needs — it’s impacted everybody’s life,” Cajigas said.
Financial institutions offer flexible solutions. For temporary relief, options include skipped loan payments. For serious challenges, comprehensive assistance is available.
“Sometimes people might just need a short-term break, whether it’s to skip a loan payment, or maybe there’s something bigger going on and they need a full-on mortgage modification — we’re there for that too,” Cajigas explained.
Long-term solutions include interest rate reductions and consolidation loans.
“We could look at interest rate reductions, you can look at consolidation loans, things like that, so it really depends on what the big picture is and that’s why it’s so important to be open and honest about your financial situation,” Cajigas said.
Budgets that worked two years ago may no longer accommodate today’s increased costs.
“Just because we lived this lifestyle and had this budget that worked for us two years ago, we’re not in the same space anymore,” Cajigas noted.
Most financial institutions maintain dedicated counseling teams. Experts stress that early intervention prevents minor difficulties from escalating into major crises.
For Spokane-area residents experiencing financial stress, local institutions encourage proactive communication. Seeking help demonstrates financial responsibility.
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