Home Equity Loan vs Home Equity Line of Credit: Pros and Cons
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 readingTop Tips from the Debt Free
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 readingThe Perks of a Personal Loan
Everyone needs some extra cash once in awhile. Let’s explore the benefits of getting a personal loan. 1. Quick and Simple When you are in need of funds, you probably need that money fast. At Polam Federal Credit Union, many people are approved within an hour and most will be approved within a day. 2. Competitive Rates with Lower Minimum Payments Personal loan rates that will beat out the high-interest credit card in your wallet and any product available at a payday loan company. Personal loans are always great for paying down other debts because the required payments are easier
▸ continue readingPolam Profiles: Veronica Fitzsimmons – Loan Officer
Meet Veronica Fitzsimmons. Veronica has worked as a loan officer for Polam FCU for one and a half years. Veronica’s favorite hobby is basketball which she plays all the time. While she’s not watching the Golden State Warriors as a die-hard fan, Veronica loves to spend time singing along with the Disney’s Frozen Soundtrack or catching a couple Law and Order episodes. When asked what her favorite travel destination Veronica said “My favorite place was the Philippines for sure. I love their sweet tofu and brown sugar snack- Taho.” Next we spoke with Veronica about her career at Polam. “Honesty
▸ continue readingSocial Media in the Job Market. Friend or Foe?
Whether you are an experienced professional or a college graduate looking for their first job you have more than likely asked yourself one familiar question. Can social media impact the decision of me being hired? The ugly truth is, social media does offer opportunities for qualified candidates to be overlooked for positions, especially in the competitiveness of the current job market we are experiencing. That being said, social media can also help to deliver your skill sets in a way that a standard resume cannot. We have put together a few tips for you to consider when entering the job
▸ continue readingCalculating your Net Worth
Calculating your net worth is important when creating an overall savings plan. It helps you to see areas of opportunity that can easily increase your net worth such as increasing your 401K contributions or deciding whether or not a new luxury car is truly needed. Many of us have a rough estimate of what our big-ticket items are worth and how much we owe in credit card debt. However, we commonly overlook assets and liabilities that provide us with a more accurate depiction of our net worth. When completing a comprehensive net worth calculation, each person can decide what dollar
▸ continue readingCreating Secure, Easy to Remember Passwords
Passwords have been in use long before internet banking, social media, or the age of the internet all together. During prohibition, speakeasy doormen required a person to speak a certain phrase before entering their establishment. Overtime, passwords have become even more crucial in our day-to-day functions. Whether you are making online purchases, emailing a friend, or banking online you are required to have a password that is unique to your account but also memorable. The biggest challenge we face today is creating a password complex enough to elude hackers but easy enough to remember. In order to ensure your
▸ continue readingPolam Profiles: Mark Chrzanowski – CEO
As caretaker of a Federal Credit Union like Polam, Mark Chrzanowski helps to make positive change in people’s lives. Mark has held the position of CEO of Polam FCU for eight years. His hobbies include trap shooting and spending time with his family. “Part of the attraction of trap shooting is the mechanics and physics involved; this makes the sport fascinating.” We talked with Mark about his favorite travel destination. “Hong Kong has been the most interesting place I’ve travelled. From the people, to the sounds, to the architecture, food and culture; it is all exotic and amazing.” Next, we
▸ continue readingPolam Profiles: Mike Davis – Community Partner
Mike Davis is the president and founder of NorCal Blitz Softball Organization. NorCal Blitz was founded 4 years ago to fulfill a need for a San Mateo softball league. “Some athletes were traveling hours away and paying upwards of $3200 per person, per season.” Mike said, “We were able to create a local league program that costs less than $1000 per player.” 80 tournaments from spring through fall allow local athletes exposure to competitive softball. “The impact of NorCal Blitz is much more than to just provide a program for our young players to go. These girls go on to
▸ continue readingBudgeting For Your Dream Vacation
Prior Proper Planning When planning out a dream vacation you have to begin with a targeted vacation price point. Research your destination to estimate your trip. Then meet with your travel partner and decide on a realistic number on paper. Next coordinate a savings timeline to reach your goal. For example saving $100 dollars a week will accumulate to $5400 in one year’s time. Tried and True Travel Tricks Flying Wednesday to Wednesday is one of the great travel saving tricks that always works. Every airline incorporates dynamic pricing with tickets that increase in cost according to availability and distance
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