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Archive for the ‘Uncategorized’ Category

How can You be Financially Fit Rightnow?

access_time Posted on: October 2nd, 2020

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 »

6 Bad Reasons to Refinance Your Home Loan

access_time Posted on: September 17th, 2020

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 »

a first-time car buyer smiles from the driver's seat of her new vehicle

Planning Guide for a First-Time Car Buyer

access_time Posted on: September 11th, 2020

Buying a car for the first-time is a journey, and it can be a bit daunting. To make the process as easy to navigate as possible, consider following the pointers listed below. Before Car Shopping Before you begin shopping for a car, it’s worth taking the time to do some preparation. In particular, you’ll want to make sure you’re in a good financial situation to handle the cost. Determine your budget Your budget is the first item you should look at, particularly concerning how your monthly income compares with your existing financial obligations. Typically, it’s best to see that your car loan payments are no higher than 10% of your… read more »

Payday Loans: Not As Cheap As You May Think

access_time Posted on: September 3rd, 2020

“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 »

What’s the Best Way to Use a Home Equity Loan?

access_time Posted on: August 31st, 2020

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 »

The Back to School Guide for These Unconventional Times

access_time Posted on: August 24th, 2020

Back-to-school season is traditionally marked by a run on discounted pencils, overcrowded malls and lots of nail-biting nerves about new teachers. But this year, the back-to-school season is entirely different. Forget the crowds and a race to find the hottest-selling backpack. This year, it’s all about the trendiest face masks and getting ready for a school year that promises to be unlike any other. And for a child, that can be more than a little frightening. As with every transition, proper mindset and preparation is key to smoothing out the inevitable bumps and hurdles. Whether your school district is starting off the year exclusively with distance learning, going back to… read more »

Your Complete Guide to Using Your Credit Cards

access_time Posted on: August 12th, 2020

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 »

6 Ways You Can Use A Personal Loan this Summer

access_time Posted on: July 14th, 2020

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 »

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

access_time Posted on: July 13th, 2020

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 »

My Savings Has Been Wiped Clean, How Can I Replenish It?

access_time Posted on: July 10th, 2020

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 »