Spring is synonymous with rejuvenation and regrowth. Longer hours of daylight, greener trees, and warmer weather motivate us to organize and spring clean. So why not apply that energy to your finances? Take a look at your personal finances, catch up on bills, get organized and evaluate your priorities.
Catch up on bills:
Creating a plan to pay off your debt should be your first priority, especially credit card debt. As your debt gets lower, the weight on your shoulders gets lighter. Members CU can help you lighten up with a debit consolidation loan. With a Members CU debt consolidation loan, you can finance non-Members CU related debt into one affordable fixed rate loan and pay just one bill a month. The maximum loan amount is $15,000 and the maximum term is 72 months (Terms, rate and conditions are subject to qualifications and approval).
Evaluate your savings plan.
When was the last time you increased your 401K contribution, made a deposit into an IRA or increased your payroll deduction into your Members CU Regular Savings Account? Increasing the amount you save per paycheck is a way to give yourself a raise. Even if you only increase the savings by $5 a paycheck, over time the increase will add a noticeable boost to your liquid assets. Try increasing your savings deposits by $5 a paycheck. After a few months, if you have no problems paying your bills and affording necessities, try increasing your savings by $5 a paycheck again. Call Members CU’s Member Service Department at 800-951-8000, option 5, to have your payroll deduction increased.
Check up on your Credit Report.
The Fair Credit Reporting Act requires each of the nationwide consumer credit reporting agencies provide one free copy of your credit report to you once every 12 months. Equifax, Experian and TransUnion are the three nationwide agencies and you can request one from each of them by visiting www.annualcreditreport.com or by calling 877-322-8228.
The information on your credit report includes a list of your monthly debts, how you pay your bills and repay loan debt, and how much credit you have. Potential lenders will use this information to determine if you are a good credit risk. Reviewing your credit report on a regular basis is a good way to combat identity theft and ensure there are no mistakes that could hurt your chances for a loan in the future.
Eliminate the paper
Paper bills and statements take up a lot of room on your desk. Members CU members can sign up for free eStatements and members who have a checking account can sign up for free online bill pay, eBill.
To sign up for eStatements you must opt in from your MCU@Home online banking service. If you haven’t signed up for MCU@Home visit, www.memcu.com and click on “Online Banking” at the of your screen. Create a MCU@Home account by clicking on New Internet Banking User and following the instructions. If you already have an account, log in and click on the “Accounts” tab, and choose eStatements from the drop down menu. Follow the directions to sign up. This will opt you out of receiving statements through the mail.