May 302020

Should You Buy a New or Used Car

Posted on May 30, 2020 Uncategorized

  When you decide to buy a car, one of the important first steps is deciding whether you want to buy a new car or a used car. This will be one of many decisions you’ll make in the car buying process, but it may be considered the most important one. There are a number of variables that factor into this decision, including but not limited to: your income level, the kind of car loan you’re able to obtain, and your plans for your new car (i.e. will it be a family car or a car that you alone drive).

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May 232020

The High Risks of Payday Loans

Posted on May 23, 2020 Uncategorized

  Payday lenders are everywhere; drive past any strip mall in any city and you’re likely to find at least one. These lenders offer short-term loans to potential consumers to help solve their immediate financial issues, and they generally come with high interest rates and a service fee. They can cover gaps in pay periods, and are generally easy to obtain – especially since these payday lenders can be found anywhere. However, before you consider one of these loans, it’s important to understand that they come with a high cost, and it can be hard to get caught up financially

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May 192020

Your Credit Score – How It Can Affect Your Daily Life

Posted on May 19, 2020 Uncategorized

  When it comes to your purchasing power and your ability to find employment or a place to live, three simple digits can make a huge impact – your credit score. This score is the numeric representation of your financial health, and it can make a significant dent in your lifestyle if that score is low. Credit scores generally range from 300 to 850, and anything lower than 600 is considered unstable credit, and can affect your ability to obtain a credit card, rent a home or apartment, or take out a loan. They can also affect the interest rate

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May 132020

3 Big Money Mistakes to Avoid

Posted on May 13, 2020 Uncategorized

  Everyone makes mistakes in their life at one point or another, and that’s part of the human experience. Making mistakes with money and financial decisions is also normal, but because having a healthy financial life can make or break the way you’re able to function, it’s important to acknowledge the kinds of money mistakes that can be made before it’s too late. Research shows that more than 60 percent of college graduates have outstanding student loan debt, regardless of age, and that kind of debt can follow you for the rest of your life. In order to avoid making

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May 072020

Is a CD a Good Choice for Your Savings Goals

Posted on May 07, 2020 Uncategorized

      At Polam, we offer our members a number of different ways to save money and invest in their future. Our Vantage savings accounts are designed to work with any level of saver, and our traditional IRA accounts are designed to help our members save for retirement. However, many members choose a certificate of deposit (CD) account to save money, which allows them to earn dividends on the money they save for terms ranging from six months up to 36 months. CDs are a low-risk way for our members to earn a higher interest rate on the money

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May 022020

Spring Cleaning Your Finances

Posted on May 02, 2020 Blog, Blog, Blog, Blog, Blog, Blog, Group A, Group A, Group A, Group A, Group A, Group A

  We’re just about into the the month of May, and if you haven’t really began to get under way with your notion of spring cleaning, this is the perfect time of year to start. We all know spring cleaning involves a lot – cleaning out closets full of clothes, knick-knacks, piles of irrelevant paperwork, and so much more. But spring cleaning isn’t just a tangible affair – it applies to your finances as well, including debts, loans, and overall savings. This part of your life should especially be a focus when you’re doing spring cleaning, because your financial life

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