Are you interested in becoming a member of your local credit union? Telco Credit Union is a full service not-for-profit financial institution serving over 10,000 members. Serving areas around Tarboro, Rocky Mount, Greenville, North Carolina and the surrounding regions, our sound financial principles and maximum service and opportunities for our member/owners will surprise you. Since 1941, Telco has served its members, whose profits are returned and reflected in our ability to pay higher dividends on savings, offer lower interest rates on loans, and provide expanded products and services at less cost.
We’ve discussed how to apply for a loan in previous blog posts, but now we’d like to discuss maintaining a loan. There are many varying factors that come into play when it comes to maintaining loans, so this is not the perfect guide for every single loan, as many of them are individualized. But in general, here are a few tips:
- Pay close attention to your credit. Your credit report tells a lot about your debt habits. You should pay close attention to how your debt load affects your credit rating. By taking care of your credit, you can be eligible for cheaper loans in the future.
- Consolidate your loans. This is one way to reduce your debt!
- Do your own debt management. Before you get help from someone else, make sure you do everything you can to get your debt issues under control on your own. This way is cheaper. Start off by avoiding any new debt. Don’t take on more debt unless you’re comfortable with what you’re already dealing with. And cut back on spending.
- Lower your interest rates. If possible, reduce your loan rates. If you can qualify for low interest credit cards, or taking out a cheaper personal loan to pay off a more expensive loan, this can help lower your interest rates and save you money in the long run.
- Pay on time. Always pay on time! Do your best to cut down expenses while also paying your loan statements on time. This’ll keep your rates down low.
- Pay more than the requirement every month. If you find yourself with a little extra income one month, go ahead and apply it toward your debt. This can only help you in the future.
- If you need help, choose wisely. Many people turn to credit counseling, debt settlement, and loan modification outfits when they feel like they’re in financial trouble. This should be the last step on your list, because you’ll have to pay for the help of others.
When it comes to your finances, we want to provide you with the experiences you’re looking for. If you live or work in Tarboro, Rocky Mount, Greenville, or surrounding areas in North Carolina, check out Telco Credit Union and consider becoming a member.