Honest advice about a four-letter word: DEBT
No matter how much or what kind of debt you have, there are practical things you can do today to reduce debt and keep more money in your pocket.
Refinance your car loan to a lower interest rate for a lower monthly payment.
Even if you already have a car loan, you can apply for a new loan at another financial institution that is offering a lower rate.
Call any of your creditors and ask if you can skip your next monthly payment.
You will still owe the money. Most often it gets tacked onto the end of the loan payoff period, but it will give you a short-term breather. Many creditors offer Skip-Pay programs. Be sure to call at least 10 days before your due date.
Choose to get cash back refunds as live checks rather than applying it to your credit card balance. Applying the refund to your balance does not count toward your monthly payment. However, once you have the cash refund check in-hand, you can deposit it and use it to lower your monthly payments.
Transfer credit card debt to a card with a lower interest rate. Your monthly payments will go down and you can pay off balances sooner.
“Free” perks like discount programs and points aren’t always free. You pay for them in higher interest rates and fees. Compare interest rates and fees to see if the perks are really worth it. If not, find another card.
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Just so you know:
I am an actual member of CrossRoads Community Federal Credit Union and this is the same advice I’ve given to my kids, nieces and nephews, aged 20 -30.
-Denise
crcfcu.com
3031 William St.
Cheektowaga, NY 14227
716-896-8084