Robin's Insights for Smart Living

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Robin's Insights to Smart Living January edition continued...

Due to inflation, increased housing costs, food, and gas have taken a toll. As a community development credit union, we spend time trying to help our members navigate financial do’s and dont's. I want to offer tips to those navigating murky financial waters:

Tip #1 – Create a budget. A budget helps create financial stability. Tracking expenses and following a plan makes it easier to pay bills on time, build savings and prepare for major expenses. Writing it down matters.

Tip #2 – Communicate. Keeping it bottled up or ignoring a financial problem does not make it go away. It only makes it more expensive. Talk to your lender. Ask for help – a lower payment or an extension. At MariSol, we prefer to work with you when possible.

Tip #3 – Don’t go to title/payday lenders! It may be easy to walk in and out with a loan, but they are called predatory lenders for a reason. Most of these lenders charge three-digit interest rates with interest-only payments. Instead, try other resource paths, including your credit union. Even if we do deny you, we will offer to counsel. A great non-profit financial counseling service is TakeChargeAmerica.org No upfront costs for a debt management plan.

MariSol updated its website this summer. We added a library of wonderful financial articles to help our members. Not sure where to start? Make an appointment and talk to a Loan Officer.

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