1. Pay your bills on time. If you find this to be a challenge, consider signing up for automatic payments.
2. Pay more than just the minimum payment on your credit cards. Work on paying down your debt before you acquire any new debt.
3. Pay your credit card bills before they’re due. This way, more of your money will go toward paying for the month’s purchases instead of interest.
4. Find out if you have any outstanding medical bills. These can significantly drag down your credit score.
5. If your debt has become unmanageable, consider debt consolidation. Talk with us at MCCU and see if we can help!
MCCU offers affordable solutions to help you consolidate your debt:
Personal Loans – our personal loans offer a low fixed or variable rate, with up to 60 months to pay. Learn more about our Personal Loans!
Credit Cards – we offer a variety of credit cards to help you pay down your balances faster and consolidate high-rate cards. Learn more about our credit cards!
Home Equity Line of Credit (HELOC) – if you own your home and have equity, consider taking out a HELOC! With low rates, and interest-only payments for the first 10 years, this is a great option to consolidate your debt. Learn more about our HELOCs!
« Return to "Matadors Money Matters Blog"