RIDLEY PARK, PA — Not everyone has the cash or enough savings laying around to purchase a car or buy a home outright. It’s more than likely that you will end up borrowing money, and that’s ok. Borrowing money does not have to be a scary process and when you do your due diligence, borrowing smart can prevent yourself from getting into a bad situation.
Before jumping in, complete the following self-check to ensure you are in a good position to take on debt:
- Do I absolutely need to borrow? Maybe you have some money in savings account, or a significant other can spot you some cash.
- Is my budget in check? Identifying where you are frequently spending money may serve as an opportunity to reduce expenses.
- Is supplemental income needed? If supplemental income is needed; part-time employment like driving or delivering can be a convenient source of income without cutting into too much of your free time.
- What are my existing debts? Finding ways to reduce debt should be done regularly. High-interest store credit cards are the easiest things to get rid of.
- What’s my best loan option? There are plenty of lending options out there; weigh the pros and cons before you apply for the loan.
- What can you afford? Credit score, interest rate, term, and payment frequency all have a huge part in finance charges and payment.
- Can I make principal payments? You may find yourself in a financially better place some months. Being financially savvy enough to make principal payments cuts down on your loan balance and finance charges.
BHCU, Your Delaware County Credit Union is dedicated to providing the community with tools and information that ensures a successful path to financial independence. This goal is just connected to a specific holiday but rather a 365-day mission.
Of course, “how could we not take this opportunity to celebrate our nation’s independence and provide members with a boost toward their financial goals,” says Ryan Conte, Director of Member Experience BHCU. “We are also excited to welcome new members who want to take advantage of these limited-time offers to save and spend wisely to achieve financial independence.”
The following programs are available to existing and new BHCU Members from July 4, 2021, through July 31, 2021:
- iSAVE Free Checking Bonus up to $200
- Personal Loan Rate Special – 4.99% APR
- Auto Loan Rate Special – 1.99% APR
- Home Equity Loan & Line Of Credit Rate Special – 1.99% APR
- Credit Card Rate Special – 0.99%
BHCU state it encourages Members to save wisely and if they need to, borrow to borrow wisely. For details on all these programs visit BHCU at https://bhcu.org/financial-independence-special/.
Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.