Who To Turn To When Times Are Tough
In tough times, it's more important than ever to develop and maintain good financial habits. Having a household budget and shedding high-rate credit card debt are two obvious things that could benefit most consumers. But figuring out where to start can be a daunting task—especially if you feel like you're already in trouble. The thing to remember is that it's never too late to ask for help from Garden Savings FCU.
Manage your mortgage
If you have an adjustable rate mortgage (ARM) and are facing a rate adjustment, refinancing your home loan with Garden Savings might be the break you need. If you qualify, you could:
- Refinance into a fixed-rate 30-year (or shorter-term) mortgage.
- Refinance into a new ARM that has terms better suited to your situation.
Even if you have a fixed-rate home loan, refinancing may free up some money you could use to:
- Pay down more expensive debt—credit card bills, for example.
- Build your emergency fund for unexpected expenses, such as car repairs or a new furnace.
Tap your home's equity
A home equity line of credit can be a useful cushion if you're not already overloaded with debt.
- You can set it up and never draw on it but have the comfort of knowing it's there if needed.
- If you're already tapped out, borrowing more is not the answer.
Cut credit card costs
Not all credit cards are created equal. Switch to one of our Mastercard credit cards—they average more than two percentage points lower than store or big bank credit card interest rates, and often have no annual or balance transfer fees and no minimum spending amounts.
- Pay on time, no exceptions
- Whenever possible, pay a significant amount of the balance each month. When you have to stretch payments, pay in as few months as you can manage.
- Utilize cash advances— although interest rate on these are usually higher at other financial insitutions, we offer this service with no cash advance fee or higher interest rate.
Pass up payday loans
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
- Personal Loan for Personal Relief—Credit unions offer payday loan alternatives with fairer terms and lower interest rates, such as short-term loans for vacations, debt consolidation and anything personal.
Use direct deposit
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; it's the safest way to receive your money,
- An easier and more convenient way to contribute to IRAs (individual retirement accounts) and other savings vehicles, and
- More control over your money and your time—it's predictable and dependable.
Steer clear of scams
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
- Delete unsolicited e-mails promoting investment opportunities.
As member-owned not-for-profit institutions, we look out for our members' best interests. Garden Savings rates and fees save their members hundreds of dollars annually. Don't wait until you're in deep trouble to ask for a financial checkup. In fact, the earlier you ask for a review, the better the outcome can be. Schedule a free appointment with one of our Certified Financial Counselors to ask for help from your local trusted credit union.
Schedule a Financial Counseling Session
Garden Savings Federal Credit Union
The local credit union in your neighborhood.
A Better Place to Bank.
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