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The holiday season is considered by many to be the most wonderful time of the year. A season sprinkled with lights, snow, family gatherings, great food, wonderful gifts, and overall joy. However, between the shopping, gift and cookie exchanges, concerts, parties and travel, holiday expenses can sometimes be too much for your bank account to handle. If you’re like many, you may not have money saved this year for the holidays. Likewise, you may be tempted to rely on credit cards to pay for your holiday expenses which could result in more financial challenges, especially if you are already carrying outstanding balances on your cards. If a lack of holiday cash is causing you stress, a KCCU Holiday Helper loan could be the answer to getting you back in the spirit of the season.
Beat those high interest rate credit cards and minimize your cost of borrowing. When using credit cards, your spending may quickly spin out of control. The limit on just one credit card could be much higher than the amount of a personal loan, leading to you spend more than you realize. Interest rates on personal loans are typically much lower than rates on credit cards, particularly when compared to high-interest and store-sponsored credit cards. Further, with higher interest rates on credit cards, it can take years to pay off the balance and cause you to pay significantly more for your purchases based on a higher rate of interest. Beat those high interest rates and minimize your borrowing costs with KCCU.
Estimate how long it will take you to pay your credit card balance if you make only the minimum payments.
The joy and excitement of the holiday season can easily cause you to spend more than you anticipated. This is especially true with credit cards that allow you to borrow more money continuously. With a Holiday Helper Loan, you receive the borrowed funds in one lump sum. This means, you know the total amount of money you have available for holiday shopping ahead of time. By budgeting your spending in advance, you’re likely to reduce your overall holiday spending versus relying on credit cards.
When you receive the proceeds from your holiday loan, make a deal with yourself to keep your holiday spending within this limit. Create your holiday budget based on your borrowed amount to restrain yourself from spending any extra money. Don’t forget to include a contingency in your budget for unexpected holiday expenses.
When you take a Holiday Helper Loan our professional lending staff will set you up with an affordable payment schedule that will work best for you and your lifestyle. That means you know exactly what your payments will be and when your debt will be paid in full. By making set regular payments, you eliminate your debt quicker and also help improve your credit score.
Our Holiday Helper Loan can also be provided as a Line of Credit which will provide you a flexible loan with a set credit limit. You may access your line of credit up to the defined amount as needed or when you wish. Like a credit card, you pay interest on the funds that you use on the payment schedule agreed upon, but generally at a more affordable rate of interest which saves your money. You can repay what you borrow from a line of credit immediately or over time in agreed upon payments.
A line of credit offers you flexible, affordable spending and are great to have in place to cover unexpected expenses or emergencies that might not fit your budget.
A third party is an individual or entity, other than the account holder or those authorized to give instructions about the account, who directs what happens with the account. For example, if an account were opened in one individual’s name for deposits that are directed by someone else, the other person or entity would be a third party.
