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Catholic Federal Credit Union Financial Fitness Blog

Skip a Payment: A Budget Break From Your Loan Payment

Posted by Bethany Dutcher, VP Marketing on Sep 7, 2017 11:59:00 AM

Q: I'm looking for a way to cut expenses to be able to pay an unexpected bill, so I don’t have to rack up a huge credit card bill. I'm considering skip a payment. What do I need to know?

A: CFCU’s skip a payment program can help give you more cash in your wallet for unexpected bills, car repairs, vacation, etc.        

Skip a payment is a program offered to our members that allow you to skip a monthly qualified loan payment when you need to. There is a processing fee of $35 per loan skipped.

Here are some important points to consider before you decide to skip a payment:

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Topics: loans, budget, payments, skip a pay

Is A Personal Loan The Answer To My Urgent Money Need?

Posted by Bethany Dutcher, VP Marketing on Sep 1, 2016 9:07:12 AM

Q: I need to get money together in a hurry. What can I do? Help!

A: There are times in your life when you need cash fast. It may be hospital bills, car trouble or crushing debt. A personal loan is for times like these. Personal loans range from $1,000 to more than $50,000, and are not secured with collateral. That means there’s no property that backs the value of the loan. Personal loans may seem attractive, but they do come with some downsides. Is a personal loan right for you? And if so, how do you go about getting one?

Let’s take a look at four critical questions to ask before getting a personal loan.

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Topics: loans, money, finances

Is Now The Perfect Time To Buy A New Car?

Posted by Melissa Egeler, Marketing Assistant on Jan 26, 2016 9:10:00 AM

Americans have a definite love affair with driving - and there's nothing like falling fuel prices to speed our heartbeats. As prices at the pump go down, if you're like everyone else, your thoughts may be turning toward buying a new vehicle or planning that next road trip or family vacation.

With gas prices at their lowest levels since 2009 and interest rates probably the best they'll be all year, now might be the perfect time to do both.

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Topics: auto, loans, car loan

New Year's Resolutions

Posted by Melissa Egeler, Marketing Assistant on Jan 7, 2016 3:50:11 PM

By the end of January, many of us will have forgotten all about our New Year's resolutions. It can be difficult to change our lives, even when it's for the better.  Knowing this, we want you to know that, in your financial life, there are changes you can make today that will last the entire year.  Here are three resolutions you can set today and some follow-up goals for the rest of the year. 

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Topics: Saving, loans, debt management, Resolutions

Christmas Shopping: Layaway Or Credit Cards?

Posted by Melissa Egeler, Marketing Assistant on Nov 6, 2014 4:04:00 PM

If you’re old enough to remember a time before credit cards were part of everyone’s life, you probably remember the customer-service area in the back of many department and discount stores that offered “layaway.”

A layaway plan that’s offered by retailers allows their customers to shop for and make a claim to items they don’t have the cash for at that moment. In most instances, the customer will make a down payment (usually 20%) and pay the rest over time on a regular schedule. Once the item is paid for in full, they can bring it home.

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Topics: loans, credit card, Christmas

How to Pay Off Your Car Loan Early

Posted by Bethany Dutcher, VP Marketing on Jul 21, 2014 12:39:00 PM

According to the Federal Reserve, the average amount of a new car loan is $26,673 and a monthly payment of $485. Here are simple strategies to pay off your car loan early.

Make Bi-Weekly Payments

By switching to a bi-weekly payment plan, you will essentially be making a payment every 2 weeks for half of the full payment you currently make once per month. With a bi-weekly payment plan, you end up making 26 half payments per year, or 13 full payments. This works out to one additional full payment a year.

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Topics: General, auto, loans

Welcome!

We're happy you're here. Our blog gives us another way to communicate with you in a fun, relaxed way. Don't worry; we won't be selling you anything. We just want to share a more personal part of ourselves so you can get to know the lighter side of the credit union. Our goal is to improve your financial well-being, we'll also share helpful financial tips and recommendations covering everything from students loans to retirement planning, and dream vacations to budgeting, many from our own personal experiences. After all, we're still people helping people, as we have been for 60 plus years. Now we just have more ways to reach out and help. 

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