There are a lot of programs available that promise to help Americans to live a debt-free life. However, when you look them straight in the eye, you will notice that it costs a lot of money to learn how to enjoy debt-free living. Instead of paying some financial guru to tell you how to pay off your bills, learn how to spend within your means, and reduce high-interest loans, all you need are the tools to get the job done. In fact, you can find all of the tools you need to reduce your debt at your local credit union in New Bedford.
It all starts with a savings account. When you join St Anne Credit Union as a resident or employee in either Bristol or Plymouth County in Southeastern Massachusetts, you begin by opening a savings account. It takes just $25 to open your Main Share account and become a member of St Anne Credit Union. Once you are a member, you gain access to all of the other tools you will need to pay down debt and get closer to making debt-free living a reality. From a New Bedford money market account to low-interest rates in New Bedford for home, auto, and equity loans, explore all the ways that St Anne can help you achieve your goals.
Swimming in Debt
Like most other working Americans, you have likely realized that you are swimming in a lot more debt than you think. Gather all of your credit cards and bills. Create a list of everything that you owe and the monthly payments that you make for each account. Rank your credit cards and other loans according to the interest rate that you pay. Studies show that the average American owes well over $7,000 just in credit card debt. Even if you are making all of your payments on time and are working to reduce your debt percentages, the chances are good that you are still paying way too much in interest rates and fees.
Depending on your situation, you might see your entire paycheck divided up every month just to pay bills without anything left over for savings. Or you might have such a significant amount of debt that you are stressed out and worried about finances every day of your life. The best thing that you can do is to find a way to dig yourself out of the hole that you find yourself in and get back on track. It is hard. It is not easy. But it can be done if you have the right tools at your disposal to get yourself out of debt and start working toward a much more positive future.
DIY Debt-Free Living Plan
The best approach is to create your own debt-free living plan and stick with it. Now that you have a list of all your bills and credit cards ranked in order of interest rate, you can get started. Identifying debt is half the battle! Don’t just pay off the lowest card balance first. Start by paying off the cards with the highest interest rates and check them off your list to reduce the amount of interest that you will pay between now and the completion of your debt-free living plan.
You can also negotiate your interest rate with the credit card companies. Call them and see if they will give you a break for paying on-time and paying more than the minimum balance each month. If not, consider moving high-interest rate debt to something with lower interest rates in New Bedford. Only do this if you have another card that doesn’t charge for this service and will provide you with enough of a difference in interest rates to make it count. Check with your credit union in New Bedford for credit card opportunities that might help you to lower your debt and pay off high-interest rate cards even faster.
Start a Savings
While this might not seem possible for everyone, it can be done. Start by moving over just a little bit at a time from each paycheck from your checking to your Main Share savings at St Anne Credit Union in New Bedford. Build up until you have enough to open a New Bedford money market account. Speak with a representative about growing your money even faster with a certificate of deposit in New Bedford. Both of these opportunities are available to members of St Anne Credit Union, so make sure to learn all you can and take advantage of them when you are ready.
Build up savings to purchase a new or used vehicle cash outright, pay down your home loan, pay off student loans, and make other marked strides in your quest to live debt-free. Consider a personal loan through your credit union in New Bedford to consolidate all of your credit cards and other debts so you can make one payment at a lower interest rate and pay off your debts even quicker. Be careful not to be tempted by $0 balance credit cards for big purchases. Build smart habits of saving up for the things you want instead of buying now and paying for them later.
Our team of representatives and financial advisors can answer any questions that you might have about our services, whether you want to start a money market account or certificate of deposit in New Bedford. We can also help with lower interest auto, motorcycle, and home loans to help you reduce the amount of interest and fees you pay each year to your lender. Give us a call at 508-993-0011 or stop by our location on Union Street to join St Anne Credit Union in New Bedford and take advantage of everything we have to offer!