- Prioritizing, Planning, and Paying it off, There is no “one size fits all” solution in the world of finances. People find success with different approaches to debt., Research and organize, In the same way that decluttering your home begins with a huge pile of clothing, you can start to declutter your “pile” of debt by gathering all your details in one place. Analyze it side-by-side and determine which items you need to get rid of first. When dealing with debt, it helps to know the details. Collect as much information as you can for each item. Store credit cards, past-due utility…, Plan your payments, Find a strategy that works for you or invent one that suits your needs. Popular strategies to consider include the “avalanche” method, the “snowball” method, and loan consolidation., Avalanche method, - When a loan has a high APR, it costs you more money each month, because a larger portion of that minimum payment is going towards interest rather than principal. As a result, paying down debt with the highest APR first will save you more money. Think of the chunk of snow at the top of an avalanche breaking off and falling away, taking other pieces of the mountain with it. By breaking off that…, Snowball method, - You pay off a little loan and how does it feel? It feels great! Don’t stop there, though. Apply the amount you were paying for that loan onto the next smallest loan and it’s easier to pay off. This is how your little snowball gains momentum to pay off your debt. Each payoff is a boost to your financial morale and compounds to become larger payments for your larger debt. This method doesn’t have…, Consolidation, - Instead of paying on a bunch of loans, spread over a bunch of institutions, make one smaller loan payment, and pay less interest. We regularly see success stories of members consolidating their debt to save hundreds of dollars every month and enjoy the ease of automatic payments., Pay down your principal, Your principal balance determines how much you pay on interest. Less principal means less interest. Find ways to cut down your debt by periodically making extra payments. These funds could come from: Income that isn’t allocated in your budget, such as a bonus or inheritance Unspent budget, such as food and entertainment expenses Tax refunds or government benefits Side job or temporary employment, Reasons to be careful, Don’t drain your savings. If you’re taking all your savings and putting it on your credit cards and loans, what happens when an emergency comes up? Without any savings in place, you might put these expenses back on your credit cards and continue the cycle of debt. Don’t let fees and penalties expand your debt. Know which loans have additional charges or threaten lawsuits, then plan ahead to avoid…, Need help? Connect with a debt expert., If you’re ready to make a debt-free life a priority, simply fill out the online form to get started. A real, live person will get in touch to talk about your particular situation and offer solutions. Visions cares, so we make the conversation easy. Get started today .
- Small Steps, Long Term Results, They told me it wasn't going to happen overnight – and they were right., While trying to dig out of my financial ditch, I looked for quick solutions everywhere. Cashing in retirement savings to keep my car on the road. Using credit cards to make loan payments. Borrowing money from family to make ends meet. I wasn't fixing the ditch. I was digging myself deeper. You may have heard this before, "The first step to getting better is admitting you have a problem." I heard…, Financial hardship can start to dictate your life. But it doesn't have to., Recruit financial allies., It wasn't easy to ask for help, but doing so made the biggest difference in regaining control over my personal finances. For me, the allies I enlisted were Visions, my older sister, and her spouse, my brother-in-law. They became my accountability partners , and we met regularly to help me stay on track. If you're trying to pick a team, keep in mind your finances should stay private, so you should…, people, at the center of their mission,, instead of profits, . They're committed to service . By the end of my first meeting, I learned that Visions offers a free financial counseling service, budgeting tools – all kinds of support – and it's not only for people who were in the same boat as me, but also for people who just want a second opinion about their goals and financial plans. The biggest relief was that most of these resources are free and easily…, Request settlements and payment plans., My financial wellness coach at Visions helped to guide me through the next steps. The things I had been avoiding–¦ While I was behind on utilities and bills, I avoided contact with my service providers. I was expecting some kind of verbal abuse or beratement, so the thought of it gave me a feeling of dread. Then, sitting down with my financial wellness coach, I learned that I could call the…, Within less than six months, of slow, steady payments, my credit score started showing significant improvements., Find affordable alternatives., Working with my financial coach and allies, I addressed one of my other roadblocks: my budget. Without understanding how to budget , even if I managed to pay off a few debts, I could have easily fallen back into the same old traps. My budget – the system of record-keeping, allocating, and tracking my income – would be my ticket to change. It helped me to define which expenses are necessary, which…, explore a truly, affordable, lifestyle, . That's the big thing with a budget. You have to decide what you can and can't afford, but sometimes it's not as clearcut as you want it to be . For example, I can afford a car payment while saving for some repairs. I can't afford an expensive new vehicle, especially one with a higher insurance cost or low fuel efficiency. For now, I'm sticking with the affordable option, and attempting to save…, Consider Consolidation, My last bit of advice is to try to consolidate your debt. My brother-in-law mentioned this as a good idea, but I didn't get to it right away. That was part of my biggest frustration as I started to tackle my debt. My credit was too low. But I didn't feel comfortable letting my family cosign. I wanted to take that ownership and be responsible for my own debt. If you need help with credit, you may…
- One Budget, Two Weddings, , Our original outline and budget for the wedding put us at $15k-$18k., We decided to elope first. We assumed it would remove pressure off the bigger event and encourage us to keep it affordable. Because we were already married. Right? And how could I say "No" to two weddings? Twice the love, twice the party, twice the bliss! But at what cost? (literally) Our elopement cost us less than $350, not counting the rings or the modest dinner that followed. It was an…
- Looking to renovate the kitchen, consolidate expenses, or take an epic vacation? Been in your home for a while? If so, a home equity line of credit, or HELOC , unlocks the value of your investment in ways other financial products can't. Apply Now , You Only Pay for What You Use, A HELOC works differently than a personal loan in that you only pay for what you use. Like any other credit, you draw from within the limit to get what you need done quickly – no waiting for applications or guesstimating the amount needed for your project or big purchase necessary. Simply put, it's there when you need it and you can get it fast. Think of it as a credit card with a rate and limit…, You Can Get a Lower Rate, Unlike a credit card, you can get much lower rates with a HELOC. How? Backed by the equity you already have in your home, your lender can feel more comfortable offering a lower – in many cases, single-digit – annual percentage rate, or APR. Sometimes you can even get a low- or no-interest introductory rate like Visions has right now . This can lead to some serious savings, especially if you plan…, The Terms are Yours, You'll be hard-pressed to find the flexibility that a HELOC offers. First, there are the aforementioned rates to take advantage of, especially with a special offer like you can find at Visions right now . The HELOC offers a credit line of up to 100 percent of your home's equity, so you can get a higher limit than a credit card offers. Best of all, the credit is yours to use as little or as much…, Cash Clip Tips for Understanding the Power of a HELOC, Check out our episode of Cash Clips YouTube Series that deal with HELOCs!
- The Smart Options for Your Home Improvement Loan or Financing, At Visions we say that life is unscripted. If you own a home, it's very likely you know how true that statement is. It almost goes without saying that if you own a home, you have home improvements and repairs. Many joke that the list never ends. Whether you need to remodel a room, replace a roof, or tackle some small projects, it all has a cost. Sometimes that means looking at financing your home…, So, what is the best approach for you when it comes to your home improvement financing?, Like with many things relating to money, the right answer for financing your home improvements and projects depends on your circumstances. How you pay for your home improvements may differ depending on the project. Let's face it. Some projects are more simple and less expensive than others. You may want to approach smaller projects differently than bigger ones., Smaller Home Improvement Projects, For smaller projects, you may want to look into paying for your home improvements with a quality low interest credit card. It's a more straight-forward way to take care of smaller projects. In some cases, you may be able to take advantage of a very attractive interest rate, get your home improvements done, and have everything paid for in a relatively short amount of time. In the situation of…, Larger Home Improvement Projects, For larger projects, you should consider a home improvement loan. Maybe you have one or more major projects you just have to do. Maybe you'd rather remodel than move. Maybe you are just looking to build up value in your home with some great improvements. In these cases, consider a home improvement loan. These loans are designed for these circumstances and often have very attractive rates., Consider Your Credit, As with anytime you are looking into financing, consider your credit. It's always a factor when looking to financing a purchase or project. Your credit will play a factor in what interest rate you will pay on your home improvement financing. Know where your credit stands, so you know options. When it comes to finances, you always want to make an informed decision based on your unique needs and…
- Home Equity Loans for Home Improvement, Using home equity for home improvements and renovations is a popular choice. First, the home equity loan can be used for costly repairs such as roofing, foundations, or other vitally important parts of your home. That makes home equity loans an option for keeping your home safe, secure, and functional. Second, home equity loans can be used for home improvements that increase the value of your…, Using Your Home's Equity to Invest, Sometimes people will use the equity built up in their home for investing. By doing this, people are looking to take advantage of their home equity to capture investment opportunities that can yield financial benefits. The idea is to use a stable, low-interest home equity loan to invest at a higher yield. Like any investing, one should do thorough homework and research. All investing carries some…, Help with Education Costs, There are many stages of life. An education prepares young men and women to thrive in the real world. After all, a young adult with the proper education is much more likely to do well for themselves and become independent sooner. To help cover the costs of education, people use a home equity loan. For some, interest rates and loan amounts are attractive enough to use home equity loans for…, The Unexpected/Emergency Fund, As the old saying goes, "Life is what happens while you are busy making other plans." Sometimes unforeseen circumstances and challenges pop up in life. When they do, it's nice to have a source of cash to tap into to help. This is why some people use home equity loans or lines of credit for emergency funds. The key to making this work is using the loan or line of credit for real emergencies and…, Large Purchases Using Home's Equity, People have also used home equity loans or lines of credit for large purchases. While some might want to limit use of home equity loans to emergencies or major life events, others may want to take advantage of the longer terms and lower interest rates offered by home equity loans to make larger purchases more affordable., Pay Off Other Debt, For those who are trying to handle debt, using a home equity loan might be an option. Some people are looking at late fees, high-interest debt, medical bills, or other issues. When this is the case, a home equity loan might be an option that provides lower interest rates to wipe out other debt and avoid late payments. While this may seem attractive to those looking to solve debt issues, this is…
- Home ownership has benefits. , One of those benefits is the ability to use the equity you've built for other financial needs such as home improvements. A home equity loan can also be used for various financial needs such as repairs, debt consolidation, vacations, or college expenses. There is a specific difference between a home equity loan and a home equity line of credit, or HELOC . A HELOC is a line of revolving credit with…
- Save money to earn money!, One great reason to save money at Visions: dividends!* Your deposits in savings accounts earn a percentage back over time, and we offer excellent, competitive rates for our members. You'll notice our savings rates, including Share Certificates and Flex Money Market accounts, are always advertised with, APY, , or, Annual Percentage Yield, . You may also notice that in some instances, like our rates pages , we include the interest rate or dividend rate, too. Below is some information to help you better understand your savings accounts and related earnings at Visions., APY vs. Dividend Rates, Credit unions are required by regulation to state the rates of return on all savings accounts in terms of APY, or Annual Percentage Yield. This requirement ensures that you’re getting comparable figures from all credit unions – advertised fairly, consistently, and without deception. It’s one of the many ways we aim to be transparent and accountable to our members., APY – expected earnings, This number is an annual rate that forecasts annual earnings for a savings account. Given as a percentage based on the account balance, APY is a projection that represents the expected amount of earnings after dividends accrue and compound for a full year., Dividend Rate –, , active interest, The dividend rate is an annual rate of return used to calculate daily and monthly earnings for a savings account. Given as a percentage based on the account balance, this rate is active on the savings account, accruing interest daily based on the average daily balance, and compounding monthly. By knowing your accounts' dividend rates, you'll have a more accurate expectation for your monthly…, The big difference between the APY and dividend rate is the compound interest., Here's an example* that demonstrates the relationship between the two rates. Given an initial balance of $50,000, let’s track one year of dividends at 2.25% APY, which earns a dividend rate of 2.23%. Duration Balance New Dividends Total Earnings 0 months $50,000 $0 $0 1 month $50,092.92 $92.92 $92.92 2 months $50,186.01 $93.09 $186.01 3 months $50,279.27 $93.26 $279.27 4 months $50,372.71 $93.…, This total is the , approx. balance , after one year of , dividend deposits., $94.83 , This column , contains monthly , deposits at 2.23% , Dividend Rate., $1,126.47, This final total , represents the , return at 2.25% APY., The chart illustrates how dividends are credited monthly – and how they compound over the course of a full year. Although the dividend rate in the example (2.23%) appears lower than the APY (2.25%), the account accrues enough compounded dividends after 12 months to produce the projected APY ($1,126.47 is approximately 2.25% of $50,000). , For our current savings rates, please visit., visionsfcu.org/rates, ., Explore your savings potential using our , savings calculators, Learn about your, share insurance, for deposits at Visions., *Please note, these numbers are examples only, used for illustrative purposes. It’s also helpful to note that savings accounts at Visions accrue dividends based on the number of days in the month. E.g.: January accrues for 31 days, February accrues for 28 days, etc. As a result, an account’s dividend deposits may be higher for January than February, even if that same account has a slightly higher…
- Dear member, meet crypto. , Thanks to new technology, brilliant programmers, and a global economy, we're seeing a whole new world developing through digital assets and cryptocurrency. Even if you're not interested in investing yet, don't stay in the dark – get to know crypto! You can start here:, Bitcoin, the Blockchain, your Wallet, and YOU, We've all heard it: blockchain, Bitcoin, cryptocurrency–¦it sounds like something out of a sci-fi movie. But it doesn't have to be confusing. As with anything new, awareness is key. So, let's start with some quick facts on how to better understand what cryptocurrency is and how it works. First things first: nothing is tangible. You can't hold it, but you can store it in a wallet (more on that…, What to know about blockchains, A blockchain is a database that stores information differently from the way a typical database does. It collects information in sets, or "blocks." When the blocks are filled, they're connected – or "chained" – to the previous blocks and can't be changed. The transactions and verification process use mathematical algorithms, which makes them more secure. All of this information is then duplicated…, Bitcoin today and how it's used, Today, there are thousands of types of cryptocurrencies being traded, but it all started with Bitcoin, which has become a catch-all term for cryptocurrency in general. And, with all of these currencies popping up and becoming legitimized, some merchants and retailers have even started accepting it as a payment type. , What other cryptocurrency should I know about?, There are several types of cryptocurrency such as stablecoins (which are backed by an asset to reenforce price stability), non-fungible tokens or NFTs (digital representations of assets that cannot be duplicated), and more. Each has its own set of functions and rules, and many of them operate on different iterations or evolutions of blockchain technology, like Ethereum the most widely used …
- Many people are interested in getting the cash they need by tapping into their home's equity. Questions that we're often asked relate to a person's credit. The questions sound something like this: How important is my credit for getting a home equity loan ? How does my credit score affect a home equity loan? Can I get a home equity loan with bad credit? These are important questions to ask. Like…, Here are the basics when it comes to credit and your home equity loan:, The better your credit, the more likely you will be approved for a loan. The better your credit, the more likely you will get a more attractive interest rate . This is also true for most loans and lines of credit. This means it's important to do the things that help raise your credit score. One of the most important factors is having a track record of consistently paying your bills and loans on…
