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    Which Loan is Right For You?

    Last updated 2 years ago

     

    There are a number of expected expenses throughout life as well as plenty of unexpected ones. You may not always have the money to handle these expenses, which is why it is important to understand loan options and how they can benefit you and your family.

    This video clip discusses two popular loan options, their similarities, and their differences. A home equity loan basically serves as a second mortgage on your home, giving you the finances you need to handle major bills, such as medical care or college tuition. A line of credit works more like a credit card. The loan that is right for you will depend on your current finances and your financial needs.

    You can learn more about personal loans by contacting the team here at Jeanne D’Arc Credit Union. Call us today at (978) 452-5001 to learn more about our Lowell credit union.

    Auto Loan FAQs

    Last updated 2 years ago

     

    There isn’t much that is more exciting than driving off the lot in your very own car. However, unless you have enough cash to make the transaction, you will need to apply for an auto loan. Here are the answers to some of the most frequently asked questions about auto loans:

    • What do I need to do before applying for an auto loan?
      It is important to be prepared before applying for an auto loan. You can do this by reviewing your current credit situation. All citizens are entitled to view their credit report or score at no fee once a year. This will help you get a better understanding of your current financial situation. If there are any problems, you may be able to work toward fixing them to give yourself a better chance for qualifying for a larger loan. This will also help you determine how much you will be able to spend on monthly payments for a car.
    • Should I pick the car I want before applying for a loan?
      Many shoppers fall in love with a car before even applying for an auto loan. Unfortunately, this can lead to disappointment. Whether you plan to buy a new car, a used car, or refinance your current vehicle, you will want to look into your loan options before you start narrowing down your car options. After being approved for a loan, you will know just how much money you will get and just how much you can afford to spend each month. This will help you determine which car is right for you.
    • Are there requirements for applying for an auto loan?
      The requirements you encounter will depend on the credit union or other financial institution you work with. Typically, applicants are required to be at least 18 years of age, have a steady income, and have good employment history.

    You can learn more about auto loans by contacting the team here at Jeanne D’Arc Credit Union in Lowell. We offer mortgage loans, auto loans, student loans, and personal loans. Give us a call at (978) 452-5001 for more information!

    Coming Soon: Mobile Apps!

    Last updated 2 years ago

    This upcoming Tuesday, March 6th, you will be able to access your accounts with our FREE* Mobile Apps for Android™ and iPhone®!

    iPhone Users: To download app locate the Jeanne D'Arc app in the App Store on your iPhone and tap it, or download it directly from your iTunes Store® account and sync your iPhone. 

    Android Users: To download app locate the Jeanne D'Arc app in the App Store on your Android and download it.

    This new app will allow you to view account balances and history, make transfers, find a branch/ATM and much more! 

    For more information contact Jeanne D'Arc Credit Union online or call us today at (978) 452-5001

    5 Easy Steps for Credit Card Debt Freedom

    Last updated 2 years ago

    If your credit card spending has caused a stack of debt to pile up, it's time to reverse the trend! With focus, discipline and patience, you can reduce and eliminate your credit card debt, no matter what the amount. Here's some tips...

    • Create a detailed list of each debt, including the name of the debt, the amount, the current rate and the minimum payment due.
    • Rank your list from the highest rate to lowest.
    • Review your current household budget to determine how much you can put towards monthly debt repayment. If you are adding debt on a monthly basis, it means your discretionary income is actually negative. Start searching for items that you can reduce or eliminate from your budget. Keep in mind that your goal is to free up cash for debt reduction. While this will cause temporary discomfort, you'll have freed up a tremendous amount of monthly cash flow when you get this debt repaid.
    • Starting with the highest interest rate debt, apply 100% of the total new discretionary income (or the extra amount you've budgeted) to this account until it is repaid in full. Continue to pay the minimum amounts on all other cards. This is critical- don't spread your monthly discretionary income across all debts equally.
    • Once the highest interest card has been repaid in full, apply the original discretionary amount AND the amount from the paid off debt to the card that you ranked second one on your list. Repeat this pattern until each card has been paid in full.

    And remember, this method can be used on ALL debt - not just credit cards.

    For more information on how a credit union can benefit you, contact the Jeanne D’Arc Credit Union. For more information, stop by any one of our locations around Lowell, MA, or give us a call at (978) 452-5001.

    Move to an All Cash Household

    Last updated 2 years ago

    Before putting a debt reduction plan into motion, it is critical for your household to not only assess its current state, but to get spending under control. In addition to the obvious budget creation, moving to an all cash system could help your family get its' spending under control.

    How does this work? Once you have created a budget, splitting items into two categories, fixed and discretionary, it is time to start allocating. On the day that you are paid, immediately address all 'fixed' items, as these are static and required; mortgage, auto payments, insurance etc. With the remaining amount left in the checking account, divide it amongst household members, generally between spouses. These funds are what the individuals can spend on discretionary items; grocery, gas, gifts, entertainment, dining, etc.

    Once the cash runs out, there isn't anything remaining to spend. While this strategy sounds a bit harsh, it is extremely effective. Training yourself to work within the amount of funds you have available won't happen overnight. But, with some practice and time, both you and your spouse can reign in spending habits, keeping you from incurring additional debt. The next step once you get your spending under control is to push even further to save a small amount of this cash each paycheck.

    Our associates here at the Jeanne D’Arc Credit Union are standing by to answer all of your questions about any of the topics mentioned in our blogs. Call (978) 452-5001 today for more information.

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