Are you ready to stretch those financial fitness muscles? We hope so, because it’s time to get financially fit! Being financially fit means living a life of complete financial responsibility. The Center for Financial Services Innovation (CFSI), also known as the Financial Health Network, defines four basic components of financial health: Spend, Save, Borrow and Plan. These components reference everyday financial activities. Therefore, Every choice you make in terms of these four activities either builds or detracts from your financial fitness. Like physical fitness, you can beef up those fitness muscles a little bit more each day. Being financially fit is crucial for a well-balanced, stress-free life. Here’s why (and how):… read more »

With interest rates trending downward over the last several months, refinancing is all the rage. For many, refinancing an existing mortgage to a home loan with an interest rate that’s lower than their current rate, could hack hundreds of dollars off their monthly payment. This can easily add up to thousands of dollars in saved interest paid over the life of the loan. However, refinancing is not always a good idea. Here are six bad reasons to refinance a home loan. 1. To extend the term of the loan Refinancing a mortgage with a lower interest rate can save you money each month, but be sure to look at the… read more »

“Payday loans,” which are also called cash advance, check advance and post-dated check loans, have become increasingly popular for fast cash. All a consumer needs in order to obtain a payday loan is employment, a utility bill, a checking account and a driver’s license. The borrower writes a personal check payable to the lender for the amount he or she wishes to borrow, plus a fee, which is typically in the range of 10% to 25% of the amount. That check is held for up to four weeks. At that time, the check is redeemed by the borrower by paying the face amount of the check or allowing it to… read more »

Q: With interest rates falling and home prices rising, it seems like a great time to tap into my home’s equity using a home equity loan. What’s the best way to use these funds? A: A home equity loan can be a fantastic way to source extra funds during a falling-rates environment. Tapping into your home’s equity, or the positive difference between what is owed on a home and its current value, will give you the funds you need for a large expense with no additional strings attached. With interest rates on a Belco Community CU Home Equity Loan starting at just 3.49% APR*, the repayment plan is always affordable. If… read more »

Q: I’d love to improve my credit score, but I can’t get ahead of my monthly payments. I also find that my spending gets out of control when I’m paying with plastic. How do I use my credit cards responsibly? A: Using your credit cards responsibly is a great way to boost your credit score and your financial wellness. Unfortunately, though, credit card issuers make it challenging to stay ahead of monthly payments and easy to fall into debt with credit card purchases. No worries, though; Belco Community CU is here to help! Here’s all you need to know about responsible credit card usage. Refresh your credit card knowledge Understanding the way… read more »

Summer is a time for fun and excitement, but it can also be super expensive. Summertime can be a season of major life changes like household moves and weddings; purchasing that boat you’ve been eyeing and let’s not forget those dream vacations! Before you start swiping the plastic for everything under the sun, Belco Community CU recommends considering a personal loan to stay within your budget. At, Belco Community CU, the application process is smooth and quick, and, as a member, you don’t need flawless credit to qualify for a great rate. We also offer fantastic terms, with interest rates on loan payments. When you use a personal loan instead… read more »

Q: I need to get some money together in a hurry. Help! What can I do? A: There’ll always be times in your adult life when you find yourself in need of a sizable amount of money without enough savings on hand. Maybe you’re drowning in debt, or you just spent some time in the hospital, or your car started to breathe fire. Whatever the case, you need that money pretty quickly. For times like these, consider a personal loan. A personal loan is a loan of any amount of money, typically ranging from $1,000 to more than $50,000, which is not secured with collateral — that is, there’s no… read more »

Q: The last few months have been really tough on my finances, and I’ve been forced to use my savings for getting by. My emergency fund and savings account are basically zero. Now that my financial situation is starting to improve, I’d like to start building these up again, but it’s all so overwhelming. Where do I begin? A: Watching savings that took you years to build up disappear in just a few months can be disheartening, but it’s important to remember that you’ve made the right choice. Using emergency funds to survive prolonged unemployment, an unexpected large expense or a medical emergency is the best way to make it through a… read more »

As the coronavirus continues spreading across the country in waves and peaks, every state is making bold moves toward reopening under a strange new set of circumstances dubbed the “New Normal.” Face coverings are de rigueur. Floor markings have been slapped down exactly 6 feet apart near checkout counters in retail stores. Shoppers are weary, cautious and careful. And, as the country moves forward and adapts to the new realities, scammers aren’t far behind. Watch out for these trending scams as the country reopens: Account Takeovers Even as retailers work toward reopening, shorter hours and percentage-capacity rules mean many consumers are still shopping remotely. Retailers are also busier than ever… read more »

Can making a budget really make you feel better about life? You might be surprised! One of the most powerful things you can do to relieve uncertainty and financial stress is to take a step back and make a plan. A budget can help you figure out how to meet both your short and long-term financial goals. Think about it like a fitness plan: it’s not about dieting, it’s about getting healthy, staying healthy, and being ready for the life you want! Take the first step The first thing to do is to understand your overall financial situation so you can put your money to work for your goals! A… read more »