We’ve all gotten caught up in the spirit of the season and the excitement of saving money on Black Friday and Cyber Monday. However, when the dust settles, did your excitement turn to buyer’s remorse and worry over the debt you’ve accumulated? Plus with the holidays just around the corner, we all know that our expenses will grow with holiday shopping, party preparations, travel plans and decorating! Members Trust can help with a few tips.
Review your purchases
if you still have the receipts, you can reevaluate your purchases and return anything that you can live without. Although it may be better to give than receive, you shouldn’t put a financial strain on your budget.
Assess your credit card rates
If you purchased with a credit card, look at your credit card options. Do you have a card that offers a better payoff option, lower rates or higher rewards? If so, consider a balance transfer to minimize the impact on your budget.
Consider a consolidation loan
Apply for a personal loan to consolidate your debt and use the funds to pay off your high-rate credit cards prior to the next due date. You have a chance to save money on interest depending on your balance and it will simplify the repayment process by making only one payment versus multiple credit card payments.
Take advantage of holiday skip-a-pay
As a loyal member, you can celebrate the season free from financial stress by skipping your January loan payment and use those funds to pay off your higher rate credit cards. Just complete the online skip-a-pay* form and return to Members Trust Federal Credit Union at:
Mail – PO Box 925687 Houston, TX 77292
Email – firstname.lastname@example.org
Fax – Houston: 713-681-2114 or Stephenville: 254-968-4687
The deadline to skip your January loan payments is December 12, 2017, so don’t miss this opportunity to stretch your dollars.
No matter what path you take, remember that Members Trust is here to help.
Happy holidays from your friends at Members Trust!
*$25 fee per loan skipped. Once qualified, if you normally pay your loan by cash or check, do not make your loan payment(s). If you use payroll deduction or automatic loan repayment, funds for the skipped month will be deposited to savings or checking. Interest will continue to accrue on the outstanding loan balance. The loan must be on the books for at least six (6) months. No late payments during the term of the loan or over the last 12 months, whichever is greater. Only one skip is permitted per year per loan, with a maximum of three skips for the life of the loan. Real Estate, Agricultural, Commercial & Home Equity loans are not eligible.