Unity One CU informs: Free Debt Relief Workshop

shutterstock_106308428-web.jpgJoin Unity One Credit Union and Transformance for a FREE DEBT RELIEF workshop that will help you learn smart solutions for managing and paying down debt.

Saturday, July 30, 2016
10:00 - 11:00 a.m.

Unity One Credit Union
2625 N. Main Street
Fort Worth, TX 76164

There will be time allotted at the end of the presentation for participants to speak with financial coaches. 

*The workshop will be presented in Spanish.

Register Now

About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals. 

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

Unity One CU Informs: 5 Tips for dealing with student loan debt for #FirstTimers

If you're a college student who is about to graduate, or have recently graduated, you've probably been thinking a lot about your student loans...and how to repay them. Here are a few tips to help you deal with college debt:

  1. Get smart about your loan payments. The first step in dealing with your student loan debt is understanding how your loans work. There are a myriad of different loan types available, so make sure you know the in's and out's of your loans.

  2. Start saving during your grace period. Depending on your loan type, your lender may have a grace period between the time you graduate and the time you make your first payment. Avoid the temptation of simply ignoring the debt during this time and instead put it to use. For example, if your loan payment will be $250 each month, put that money into your savings account during the grace period. You can then use it to pay down the loan principal on your first payment.
     
  3. Continue to live a "college lifestyle." You're finally out of school and making money (hopefully) at your new job. You should be able to afford a nicer apartment, car or furnishings, right? Wrong. By living simply like you did in your college days,  you are able to save extra money that you can then use to pay off your student loans more quickly. 

  4. Find ways to increase your income. Sometimes this is easier said than done, but earning a little extra money each month can go a long way to helping you reduce your overall loan debt. 

  5. Explore loan forgiveness. Many times loan forgiveness programs are offered in certain areas, like low-income or rural areas, when that area lacks a certain type of profession such as: teachers, law enforcement, doctors, etc. Keep in mind there may be many requirements and stipulations required with loan forgiveness, so make sure to check with the financial aid department at your university for more details.

Unity One Credit Union offers student loans in partnership with the Higher Education Servicing Corporation. We're excited to provide this higher education loan option to our members because it offers some of the lowest rates currently available plus many outstanding borrower benefits.

Learn More

About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals. 

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

Reduce Your Debt through Consolidation

So now that the holidays have passed, most of us are faced with some type of debt, and the bills seem to keep piling up. It can be a very stressful situation.  Debt consolidation is a good way to avoid that stress.  

Debt consolidation can help you in the following ways:

Reduce your interest.

Debt consolidation can help you reduce the amount of paid interest, by consolidating your loans and finding a lower interest rate where possible. Transferring balances to one card, paying off the lowest balance first, transferring all balances under one consolidated loan, using a home equity loan or line of credit to pay off debt and refinancing your mortgage are ways to get lower interest rates on debt.

Reduce monthly loan payments and other expenses.

After you have picked out which way best suits your debt consolidation needs, you will lower your monthly loan payments which will allow you to find ways to reduce or get rid of expenses.  You can analyze how much you are spending monthly and find where you can cut your expenses. By doing so, you are on your way to paying off your loans faster and eliminating debt.

Create a well-organized financial financial plan for the future.

Finally, you now have an outline for a proper financial plan. You can focus on not spending on the things you WANT but more on things that you NEED. Since all of your payments are consolidated into one, you can shred those old credit cards to avoid going back to your old spending habits. Visiting your credit union and speaking with a member service officer may help you find a financial plan that is more suitable for you. Unity One has other resources for more in-depth analysis, too. A financial plan for a family of four will not be the same as a financial plan for a family of two.

Start 2013 on the right financial path and consolidate. Are you a candidate for debt consolidation?

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Stay in-the-know by finding us on one of our many social media platforms. With information about upcoming events, scheduled maintence, and much more, you're sure to see the benefit of engaging and banking with Unity One!