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As times periodically get tighter, your family and bills cannot wait. Temptation may have you considering utilizing your largest asset: the family home. Home repair issues, credit card debt and even college tuition can be resolved by tapping into the equity of your house. With the fed maintaining low interest for a while now, the cost of borrowing money is as good as it gets. One key difference between home equity products and other forms of consumer debt is that all of the interest that you pay may be eligible for tax-deduction.1 A home equity loan will get you▸ continue reading
1. Learn Your Habits and Don’t be Tempted Knowledge of yourself is important. Understand the difference between bad debt like luxury automobiles and good debt like home mortgage. When planning for repayment of large debt numbers, examine your own spending patterns. A little bit of self-reflection can help you spot your own weaknesses. Identify non-essential spending trends and limit them so that these extras become real treats. Every dollar saved will empower you to tackle large debt. 2. Fight High-Interest There are three common schools of thought when it comes to attacking debt. Some would argue to pay down the▸ continue reading