What Resources Do You Have for Paying Off Debt?
Paying off debt can be an uphill battle, especially if you’re paying high interest on multiple lines of credit. Nearly 80% of Americans are coping with debt, but it’s a cycle that can be broken. By committing to make simple changes now, you can take control of your financial wellbeing for the rest of your life.
- Establish a Budget. Take the time to map out how your next paycheck should be allocated. Consider reducing your spending by a manageable amount and add it to your monthly credit card payment. When one debt is paid off, move the extra payment amount to the next loan. This strategy can help you pay down debt in a moderate and manageable way over time.
- Set Savings Goals. Setting aside an emergency fund could help you avoid financial strains in the future. A small automatic transfer to a savings account each payday is a simple way to build a savings cushion over time without even thinking about it.
- Reach out to a trusted, free financial counseling service. We partner with GreenPath Financial Wellness to offer help with money management counseling, free of charge. For more information about GreenPath, visit our Education and Resources page.
- Consider Debt Consolidation. One simple way to consolidate debt is to transfer existing high-rate credit card balances to a Fibre Federal Visa Platinum Card. This card features a special introductory rate of just 1.9% APR* on purchases and balance transfers for the first six months. After that, you pay just 8.9% APR** on unpaid balances. Instead of a "reward" program that leads to higher rates or fees, our Visa Platinum Card simply saves you money. Upon approval, users can enjoy a dependable Visa card with no balance transfer fee, no annual fee, and a low, non-variable rate. Unlike other cards, we issue our Visa Platinum Cards right here at home, and we back them with our full support wherever you go. To apply for a Visa Platinum Card, visit our website or give us a call.
- Sign up for Online Banking. We want to provide our members with tools to set them financially free. You can set up a budget, establish savings goals and set up automatic transfers through our new Online Banking. Sign up by giving us a call or filling out this quick form. For detailed information about all Online Banking has to offer, visit our Online Banking Resources page.
When debt is finally paid off, stay motivated to keep saving and avoid returning to old spending habits. Remember that building a savings account is an investment, in you, that never goes out of style.
Show your debt who’s boss and start making changes today that will benefit you for life. As your local credit union, you can always count on us to be in your corner.