In the VSECU Blog you'll find financial and lifestyle resources to help empower possibilities for your personal success.
When you're injured and can't work, paying the bills can be a trick. Missing payments can ruin your credit and maybe even result in the loss of your car or your house. You can prepare for the worst by getting loan payment protection like credit life and credit disability insurance.
Negative equity. Upside down. Under water. All have a similar meaning—you owe more on your car than it’s worth. This is the last situation you want to be in after buying a vehicle. There are some common reasons you may end up upside down on your loan. Doing your research ahead of time can help you avoid buying a car that’s not worth the payments!
When it comes to credit scores there are a lot of myths, which can cause consumers to make poor decisions about their credit card use. Here is a list of the most common misconceptions (and why you shouldn’t believe them):
Q: Is there more to getting approved for a loan than just A+ credit? A: Yes! Your Ratios! (debt to income ratio and unsecured ratio)
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If you get a little extra cash in your paycheck from a holiday or year-end bonus, stretch it as far as you can in a way that will help you over the long term and still afford you some fun. Receiving unexpected money is a great way to get ahead financially. Whether you get 100 dollars or 1,000, there are many ways to put it to good use. So how are you going to spend your holiday bonus?
When your spouse passes away, you will have to collect legal documents, uncover and calculate your spouse’s personal debts, and determine which of your joint financial obligations now belong to you. However overwhelming it may seem, the following steps can help you gain control over your finances and protect your credit score.
How Does my Credit Card Work? Credit cards have become the go-to payment method for most consumers. They’re so easy to get that you can apply for a card and get instant approval for a credit card at your local retail store. Unfortunately, cashiers rarely, if ever, tell you about the important features of their credit card, such as the rate or fees associated with the card. And why would they? If you were told that a card had an interest rate of 18%, would you be as likely to take the offer?
It’s easy to get into debt with your credit card, right? Just pull out your plastic and start swiping. Paying down credit card debt, however — not so easy. Fortunately, freedom from credit card debt is within reach for most people. You just have to commit to spending more responsibly and stay consistent with your payments until the debt is gone. The best way to begin is with a payment plan. Here are some ideas to get you started: