| Debt Management |
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| CCSE can help relieve the stress of mounting credit card
debt and make it easier to manage your personal finances. The credit union can help with a Debt
Consolidation loan. You can apply online by clicking on "loan applications" at the top or in person at
the credit union. Feel free to contact our loan
department with any questions you may have
regarding debt consolidation or reducing your debt. |
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| If you're in debt, you're not alone. Sometimes it's hard to know, or admit, if you have a problem with debt. You may be scared or overwhelmed. That's natural. But don't wait. Taking charge of your finances will make you feel much better - you'll have less worry and anxiety. |
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| The first step is to honestly ask yourself if your debt has become a problem. Here are some circumstances that might indicate that it has: |
- Next month's bills arrive before last month's have been paid
- Your bills often include late fees
- You avoid opening bills when they arrive in the mail
- You procrastinate balancing checkbooks
- You bounce checks
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| Write it Out: Do you actually know how much debt you have? A lot of people don't. Start by making a list of everything you owe, whether it's a mortgage, a credit card, student loans or even money you borrowed from a friend or relative. Write down, then total them up. The numbers will probably make you worry, but you've already made a positive step: |
- The lender name
- The amount you owe
- The term of the loan
- The interest rate and fees
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| Don't get discouraged! Reducing debt is like losing weight; you won't lose 50 pounds in a month. You need realistic goals in reasonable time-frames. Same with debt. Many people take four to five years to become debt free. Aim for three years. It's not too long or too short. |
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| Tips for Saving More and Spending Less: |
- Shop Around - compare prices at stores and on the
internet to find the best buy around.
- Cut Energy Expenses - weatherproof windows and
doors, wash clothes in cold water, keep the thermostat
down a degree or two in winter.
- Raise Deductibles - consider raising low deductibles
for home and car insurance to lower your monthly
premiums.
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