When Times Are Tough, We Can Help

If you have an adjustable rate mortgage (ARM) and are facing a rate adjustment, refinancing your home loan with your credit union might be the break you need. If you qualify, you could refinance into a fixed-rate 15-year (or shorter term) mortgage.

 Even if you have a fixed-rate home loan, refinancing may free up some money you could use to pay down more expensive debt like credit cards or you could build your emergency fund for unexpected expenses (such as car repairs or a new furnace).

Not all credit cards are created equal. Make sure to review your monthly statement and follow these tips:

Pay on time, no exceptions

Whenever possible, pay the balance each month. When you have to stretch payments, pay in as few months as you can manage.

Avoid cash advances—the interest rate on these is higher than on straight purchases.

Payday lenders promise to help when you’re short on cash. You’ll get the money you need, but with interest rates from 300% to 1,000%.

See what it really costs to borrow from a payday lender

Visit your credit union—North East Welch FCU offers payday loan alternatives with fairer terms and lower interest rates, such as short-term signature loans and Better Choice loans.

Direct deposit will help you to save automatically. You simply need to it set up to place a certain amount or a percentage into your checking account and another amount into your savings.

It gives you one less thing to worry about and it’s the safest way to receive your money.

Direct Deposit is an easier and more convenient way to contribute to IRAs (individual retirement accounts) and other savings vehicles, and you have more control over your money and your time—it’s predictable and dependable.

Some scammers use negative economic news to scare investors into high-risk investments. They use investor fears to promote sketchy schemes with promises of high return and no risk that leave investors with nothing but empty wallets.

Hang up on aggressive cold callers!

And always remember to delete unsolicited e-mails promoting investment opportunities.

It’s important to check your credit report at least once annually to monitor for signs of identity theft or fraud, as well as check for any errors.

The Fair Credit Reporting Act (FCRA) requires that each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — provide you with a free copy of your credit report, at your request, once every 12 months. Go to annualcreditreport.com to request your credit report instead of going to each individual company’s website to make sure you’re getting your free copy.