In the VSECU Blog you'll find financial and lifestyle resources to help empower possibilities for your personal success.
As a result of the new tax legislation, enacted in December of 2017, homeowners will not receive tax deductions on home equity loan interest. Since the 1980’s homeowners have enjoyed a deduction for home equity interest on amounts up to $100,000. The legislation eliminated tax deductions for interest on new and existing home equity loans from 2018 through 2025. It did not eliminate deductions for interest on primary home mortgage loans.
March is Women’s History Month and VSECU has a lot to celebrate during this month. Not only did women play an important role in the development of the credit union industry in the United States, but they were equally necessary to the founding of VSECU.
Many taxpayers get excited when they discover that they will get a tax refund. In 2016, the average taxpayer refund was approximately $3,000. That’s a lot of money! So, if you're asking the question "what should I do with my tax refund?" consider these five smart moves.
Reducing debt and saving money go hand in hand because you can’t save money if you use every paycheck to pay off debt and monthly bills. How do you get a grip on your debt so that more of your earnings can land in your savings account?
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Your credit score is a good tool for measuring your financial wellbeing. Your score shows how good you are at paying bills on time, how much revolving debt you’ve taken on, and any debt you have neglected to pay off. Your credit report delivers your credit score. This is kind of like a report card, showing your overall credit score and the reasons for the low or high score.
If you’re in the market for a car, you’re probably wondering “what car is right for me?” It’s a big financial and personal decision, which will likely result in some debt. Plus, you’ll have the car for years to come, so you want to make sure you’re buying something that will fit your lifestyle for the next three to eight years. In other words, this is a decision that is worth thinking through.
Stay Calm, Despite the Headlines You’ve probably heard the news. The market declined on Monday, February 5, with the Dow Jones Industrial Average losing 1,175 points to close at 24,325. The media touted it as the largest single-day point decline in stock market history. Though the headline is true, the overall pull-back amounted to a 4.6% decline. A true market correction is considered a drop of 10% or more, generally resulting in a decline between 10 and 20%. The media may have evoked fear that the market is failing, and that is not necessarily true.
If you have owned your home for a while, you may be ready to upgrade to a bigger house; but before calling the movers, consider why you want to move and what the financial impact of owning a larger home could be.