23 Sep

Siempre unidos con la Costa del Golfo

Siempre unidos con la Costa del Golfo

Siempre unidos con la Costa del Golfo

ENGLISH | EN ESPAÑOL

A medida que el COVID-19 continúa afectando nuestras comunidades locales, Navigator mantiene su compromiso de brindar la fuerza, la estabilidad y los recursos financieros necesarios para nuestros Miembros. Ahora que se acerca la 82.ª Asamblea Anual de Accionistas, no solo reflexionamos sobre el pasado y las formas en que su Cooperativa de Crédito marcó la diferencia durante esta pandemia global, sino que también nos proyectamos hacia el futuro a medida que ofrecemos los productos y servicios que nuestros Miembros necesitan en estos tiempos sin precedentes.

Navigator mantuvo un fuerte apoyo a nuestras comunidades cuando el coronavirus arrasó el mundo en 2020, obteniendo el reconocimiento como uno de los tres finalistas del CHAMPION AWARD de la Cámara de Comercio del Condado de Jackson por su extraordinario desempeño durante la pandemia. Lanzamos #ComunidadFuerte, una iniciativa para mostrar apoyo a las personas y los lugares que atendemos en toda la Costa del Golfo de Mississippi y Alabama.

Durante los difíciles días del año 2020, el apoyo de Navigator a Hábitat para la Humanidad de la Costa del Golfo de Mississippi y Hábitat para la Humanidad del condado de Baldwin ayudó a construir viviendas en los condados de Jackson (MS) y Baldwin (AL); y nuestras contribuciones al banco de alimentos Feeding the Gulf Coast aportaron casi 13,000 comidas a los centros comunitarios de entrega de comidas en toda la Costa del Golfo de Mississippi y Alabama, ayudando a alimentar a nuestros amigos y vecinos en dificultades.

A través de la iniciativa Comunidad Fuerte, Navigator también apoyó a más de 40 restaurantes locales afectados negativamente por la pandemia, hicimos entrega de comidas a los empleados de la Cooperativa de Crédito en la primera línea financiera; además, realizamos saludos de reconocimiento a los trabajadores de la salud por sus contribuciones para salvar vidas durante la Semana Nacional de las Enfermeras y la Semana Nacional de los Hospitales. El esfuerzo de Comunidad Fuerte creció y creó “Todos somos esenciales los miércoles” para incluir y reconocer la importancia de cada Miembro de Navigator y Miembro del Equipo, no solo de aquellos oficialmente designados como trabajadores esenciales. Esos miércoles especiales, a todos los miembros que visitaron el vestíbulo de alguna sucursal o hicieron uso del autoservicio se les regaló desinfectante de manos de bolsillo para ayudar a combatir el virus.

Navigator también ayudó a los Miembros que experimentaron dificultades financieras debido a la pandemia. Ofreció un préstamo de alivio COVID-19 especial como fondos de emergencia de hasta $ 1,500 sin requisitos de ingresos o empleo. Y nuestro apoyo a los Miembros continúa, ya que sabemos que la emergencia se mantiene vigente. Queremos que los Miembros de Navigator que están pasando por una crisis financiera como consecuencia del COVID-19 sepan que pueden solicitar una revisión de su situación. Si bien las extensiones de pago automáticas relacionadas con el COVID y los Préstamos de alivio COVID ya no están disponibles, puede solicitar una consideración debido a circunstancias especiales llamando a nuestro Centro de Contacto para Miembros, 800-344-3281. Cada solicitud se manejará caso por caso y de manera confidencial.

Como institución financiera sin fines de lucro que ha servido a la Costa del Golfo desde 1939, hemos estado con nuestras comunidades en los tiempos buenos como también en los tiempos alos. Puede contar con nosotros para los servicios y el apoyo que sea necesario, sin importar lo que suceda en el viaje de la vida.

Está cordialmente invitado a asistir a la 82.a Asamblea Anual de Accionistas

La 82.a Asamblea Anual de Accionistas de Navigator Credit Union se llevará a cabo el martes 30 de marzo a las 2 p.m. Los miembros pueden asistir a la reunión virtual de dos formas:

  • Vía telefónica: llame gratis al
  • A través de su computadora, tableta o teléfono inteligente
    • https://www.gotomeet.me/Laura-Hamner/navigatorannualmeeting

Código de acceso: 192-571-373

23 Sep

Standing Strong with the Gulf Coast

Standing Strong with the Gulf Coast

Standing Strong with the Gulf Coast

ENGLISH | EN ESPAÑOL

As COVID-19 continues to affect our local communities, Navigator remains committed to providing the strength, stability and financial resources our Members need. With the 82nd Annual Shareholders’ Meeting approaching, we’re not only looking back at the ways your Credit Union made a difference during the global pandemic, but also looking forward as we provide the products and services our Members need in these unprecedented times.

Navigator stood with our communities as the coronavirus swept the globe in 2020, earning recognition as one of three finalists for the Jackson County Chamber of Commerce CHAMPION AWARD for outstanding performance during the pandemic. We launched #CommunityStrong, an initiative to show support for the people and places we serve all along the Mississippi and Alabama Gulf Coasts.

During the difficult days of 2020, Navigator’s support helped Habitat for Humanity of the Mississippi Gulf Coast and Habitat for Humanity of Baldwin County build homes in Jackson County (MS) and Baldwin County (AL); and our contributions to Feeding the Gulf Coast, helped the food bank provide nearly 13,000 meals to food pantries along the Mississippi and Alabama Gulf Coasts helping to feed our friends and neighbors facing hardship.

Through the Community Strong initiative, Navigator also supported more than 40 local restaurants negatively impacted by the pandemic as we provided meals to Credit Union employees on the financial front lines and saluted healthcare workers for their life-saving contributions during National Nurses Week and National Hospital Week. The Community Strong effort grew to include “We’re All Essential Wednesdays” to acknowledge the importance of every Navigator Member and Team Member, not just those officially designated as essential workers. On those special Wednesdays, every Member who visited a Branch lobby or drive-through was provided personal-sized hand sanitizers to assist in combatting the virus.

Navigator also reached out to help Members who experienced financial hardships due to the pandemic. A special COVID-19 Relief Loan offered emergency funds in amounts up to $1,500 with no income or employment requirements. And our support for Members continues as we know it continues to be a trying time. We want Navigator Members who are dealing with financial difficulties as a result of COVID-19 to know you can request a review of your situation. While automatic COVID-related payment extensions and COVID Relief Loans are no longer available, you can ask for consideration due to special circumstances by calling our Member Contact Center, 800-344-3281. Each request will be handled confidentially and on a case-by-case basis.

As a not-for-profit financial institution that's served the Gulf Coast since 1939, we've been here through good times and bad. You can count on us for the services and support you need – no matter what happens on life's journey.

You’re invited to attend the 82nd Annual Shareholders’ Meeting

Navigator Credit Union's 82nd Annual Shareholders' Meeting will be held Tuesday, March 30, at 2 p.m. Members can attend the virtual meeting in one of two ways:

  • Call toll-free
  • From a computer, tablet or smartphone
    • https://www.gotomeet.me/Laura-Hamner/navigatorannualmeeting

Access Code: 192-571-373

22 Sep

Whole-Wheat Spaghetti with Marinara and Turkey Meatballs

Whole-Wheat Spaghetti with Marinara and Turkey Meatballs

Whole-Wheat Spaghetti with Marinara and Turkey Meatballs

This recipe for Whole-Wheat Spaghetti with Marinara and Turkey Meatballs is an upgrade from the classic -- it has more fiber and vegetables, less saturated fat and sodium but it sure delivers on taste!

Servings: 6; Calories: 489 Per Serving; Protein: 36g Per Serving; Fiber: 16g Per Serving

Ingredients

Marinara Sauce
• 14 oz. canned, no-salt-added, or, low-sodium, sliced carrots
• 14.4 oz. packaged, frozen pepper stir-fry (onions and peppers) (thawed)
• 1 medium zucchini (chopped)
• 4 clove fresh garlic (minced)

OR

• 2 tsp. jarred, minced garlic
• 52 oz. cubed, no-salt-added, or, low-sodium tomato (crushed)
• 2 tsp. salt-free, dried Italian spice blend

Whole Wheat Spaghetti and Turkey Meatballs
• 1 lb. extra-lean or fat-free ground turkey breast (95%-99% lean)
• 1/4 tsp. black pepper
• 1/2 cup whole-grain cereal flakes (crushed, optional)
• 1 lb. whole-wheat spaghetti

Directions

Marinara Sauce

  1. In a large pot (not over any heat yet), add carrots. Use a fork or potato masher to mash. Add stir-fry vegetables, zucchini, garlic, crushed tomatoes, and spice blend.
  2. Bring to a boil over high heat. Cover, and reduce heat to medium-low so sauce is simmering.

Whole Wheat Spaghetti and Turkey Meatballs

  1. In a bowl, combine turkey, pepper, cereal and parsley. Form meat mixture into golf-size meatballs to make about 20 to 25 meatballs.
  2. Add meatballs into the simmering sauce, trying to get the majority of meatballs covered by sauce. Cover and cook until meatballs are cooked through, about 20 to 25 minutes.
  3. Make spaghetti according to package directions (omitting the salt and fat). Serve with marinara and meatballs.

Submit a recipe for a chance to be featured in Anchor Lines!

Calling all cooks! You have a chance to be featured in the next issue of Anchor Lines. We are asking for your favorite recipe. It could be one that’s been passed down in your family, an original recipe or something you’ve customized and adapted over the years. And if you can’t decide which is your favorite, send more than one! To submit a recipe, email it along with a photo to communications@navigatorcu.org. Please include your name, address, daytime phone number and a brief note about why you love it or how you came up with it. We can’t wait to share some of your favorite dishes with other Navigator Members!

By submitting a recipe, you’re granting Navigator permission to publish the recipe. Any recipe used will include attribution

Recipe courtesy of the American Heart Association

22 Sep

Inflation & the Real Rate of Return

Inflation & the Real Rate of Return

Inflation & the Real Rate of Return

Is your money gaining or losing purchasing power?

Provided by Jeffrey C. Hamm

The real rate of return is an important personal finance concept to understand.

It’s the rate of return on your investments after inflation. The real rate of return indicates whether you are gaining or losing purchasing power with your money.

So with inflation checking in at a 5% annual rate, does that mean any investment with less than a 5% rate of return is losing purchasing power?1

That’s where it gets a little complicated.

In theory, any investment with less than a 5% rate of return may lose purchasing power. But the financial markets are giving mixed signals about how long they expect inflation will stay at its current level. Fed Chair Jerome Powell has indicated that the inflation numbers we are seeing won’t be long lasting and can be attributed to improving economic conditions.2

In the end, the real rate of return is only one factor to consider when building a portfolio. Your time horizon, risk tolerance and goals are the primary drivers.

We work with financial professionals who monitor inflation to determine whether it’s here to stay or whether it may start to trend lower. But if inflation is starting to worry you, please reach out. We’d welcome the chance to hear your thoughts.

Jeff Hamm may be reached at 228-474-3427.

Learn more about NCU Wealth Management.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

Citations

  1. CNBC.com, June 10, 2021
  2. CNBC.com, May 3, 2021
22 Sep

10 Money-Saving Travel Hacks

10 Money-Saving Travel Hacks

10 Money-Saving Travel Hacks

Navigator can help make the most of your travel budget. Open a special savings account to set aside money for your next trip. You can also use your Navigator Platinum Rewards card for every day purchases to earn unlimited uChoose® Rewards points. Redeem those points for flights, hotels, car rentals and much more. For a limited time, new cardholders could qualify for 4.99% APR on new purchases for six months. Learn more at navigatorcu.org/your-card.

New cardholders pay a 4.99% introductory APR for the first 6 billing cycles from account opening. After that, the APR will be 10.90% and 12.90% based on creditworthiness. Offer subject to change without notice. See Visa agreement for uChoose Rewards® terms and conditions. uChoose Rewards® is a registered trademark of Fiserv Solutions, Inc. Visa® is a registered trademark of VISA Inc. All offers are subject to credit approval and membership eligibility. Federally insured by NCUA.

22 Sep

Simplify and Amplify Your Savings

Simplify and Amplify Your Savings

Simplify and Amplify Your Savings

Sometimes life can be complicated. It can be tough deciding how to cover your monthly expenses and put money into savings. We get it, and we’re here to help you figure it out.

When you join Navigator Credit Union, all Members automatically sign up for a FREE savings account. The benefits include:

  • Zero minimum deposit;
  • Zero minimum balance requirements;
  • Zero monthly fees;
  • Higher than average rates on savings account balances; plus
  • Access to surcharge-free ATMs close to home and more than 80,000 free or reduced fee ATMs across the U.S. through the CO-OP and CULiance networks.

All this means we’re making it easy for you to save so your money will grow fast, helping you reach your financial goals sooner.

What’s more, your money is safe. Saving account deposits at Navigator are insured up to $250,000 by the National Credit Union Administration.

What Should You Save for?

You could focus on saving for one goal or multiple goals at the same time. The options are endless. Consider the following suggestions:

Emergency savings.

Be prepared for whatever life throws at you with an emergency savings account. Having emergency savings is one of the best ways to protect your financial health. With an emergency savings account, you won’t have to worry about using a credit card to charge unexpected expenses like major car repairs or large medical bills.

Vacation savings.

After being stuck at home, help your savings take off by putting money into a sub-savings account earmarked for trips. Then start planning, knowing you won’t have to go into debt to pay for your long-awaited adventures.

Big picture savings.

Thinking about buying a new car, becoming a first-time homebuyer or going to college? Putting money away in a savings account can help you stay on track. If you can let your money grow for at least three months or longer, a money market account or certificate account offer even higher rates on account balances.

Retirement savings.

While your retirement years may seem like they’re far away, start planning today by committing to save for your future. Consider setting up an individual retirement account.

Fund Your Savings Accounts

After you commit to open a savings account, figure out how much you want to save. Use an online savings calculator to try different amounts and timelines to get an idea of how much your savings might grow. When you decide how much you want to save, set up automatic transfers from your checking account into savings every month using online banking or the mobile banking app.

To learn more about the different types of savings accounts at Navigator, visit navigatorcu.org, call our Member Contact Center at 800-344-3281 or stop by your local Branch.

22 Sep

Save on Back-to-School Shopping

Save on Back-to-School Shopping

Save on Back-to-School Shopping

ENGLISH | EN ESPAÑOL

Back-to-School season is an exciting time! And if your family has school-age children or young adults heading off to college, it can also be a very expensive time of year.

Families are expected to spend an average of $612 per student in grades K-12, according to a recent Deloitte report. That’s the highest in recent years and greater than pre-pandemic levels. Parents will also be spending more on tech as all that gear which made remote learning possible follows students when they go back into the classroom.

Navigator Credit Union has these tips to help you save:

Take inventory of what you already have.

There are likely leftover or re-usable school supplies around the house from previous school years. Determine what is still usable for another school year versus what needs to be sold, donated or discarded.

Make a list of what you need and stick to it.

Not only should items for the school supply list be accounted for, but also items like seasonal clothing and shoes, backpacks and lunchboxes, electronics and special equipment for after-school activities such as sports and music. Impulse buying can quickly increase your spending.

Do your research and look for deals.

Determine which stores have the best sales then look for coupons and rebate programs to stack savings. Utilize student discounts whenever possible, particularly when purchasing expensive items such as laptops and tablets.

Shop and sell secondhand.

Take any outgrown or no longer needed, gently used items to a local consignment store to sell. Then use any money made toward this year's school purchases. While you’re selling your items, take a look around for affordable school supplies and clothing to add to this year’s wardrobe. For high school and college students, buy used textbooks whenever possible to save.

Shop in bulk.

Your child might run out of paper throughout the year or keep losing pencils. It’s good to have extra.

Understand return policies and save your receipts.

Keep in mind some items may be non-refundable or have restocking fees associated with them.

 

Need some help with back-to-school expenses this year? Exclusively for Members, Navigator’s Back-to-School Loan can be used for uniforms, computers, supplies, sports equipment, clothing, musical instruments – everything you need to help your family succeed in school this year!

Navigator’s Back-to-School Loan offers:

  • Loans amounts up to $2,000
  • A great fixed rate as low as 5.99% APR
  • Loan terms up to 12 months
  • Fast processing and quick response time
  • Available through September 30, 2021

Click here to apply online today!

Earn cashback with every purchase

The Navigator Platinum Rewards card is another great way to pay for school supplies. For a limited time, we’re offering a low 4.99% introductory APR on purchases for six months! There’s also no annual fee, no balance transfer fee and no cash advance fees. Cardholders also earn unlimited uChoose® rewards. You can redeem the points for thousands of options – including cashback. Learn more about this limited-time offer by visiting navigatorcu.org/your-card.

APR=Annual Percentage Rate. When submitting an application for a Back to School Loan, you are authorizing Navigator Credit Union to pull credit in order to make a determination on your request. Back to School Loan interest rates are set at 5.99% APR, 6.99% APR, 8.99% APR or 13.99% APR; there’s also a 6-month 16.99% rate. Rate may vary depending on individual’s credit history and other factors. $1,000.00 financed for 12 monthly payments at 5.99% APR equals a monthly payment of $86.08. Rates and product offerings are subject to change without notice. Interest accrues from loan funding. Offer expires September 30, 2021. New cardholders pay a 4.99% introductory APR for the first 6 billing cycles from account opening. After that, the APR will be 10.90% and 12.90% based on creditworthiness. Offer subject to change without notice. See Visa agreement for uChoose Rewards® terms and conditions. uChoose Rewards® is a registered trademark of Fiserv Solutions, Inc. Visa® is a registered trademark of VISA Inc. All offers are subject to credit approval and membership eligibility. Federally insured by NCUA.

22 Sep

Ahorre en sus compras de regreso a la escuela

Ahorre en sus compras de regreso a la escuela

Ahorre en sus compras de regreso a la escuela/strong>

ENGLISH | EN ESPAÑOL

¡La temporada de regreso a la escuela es un momento emocionante! Si su familia tiene niños en edad escolar o adultos jóvenes listos para ingresar a la universidad, esta también podría convertirse en una temporada del año muy costosa.

Se espera que las familias gasten un promedio de $612 por estudiante en los grados K-12, de acuerdo con un reciente informe de Deloitte. Este es el promedio más alto de los últimos años, incluso más alto que los niveles antes de la pandemia. Los padres también gastarán más en tecnología, ya que todos los equipos que hicieron posible el aprendizaje remoto seguirán vigentes cuando los estudiantes regresen a las aulas.

Navigator Credit Union tiene estos consejos para ayudarle a ahorrar:

Haga un inventario de lo que ya tiene.

Es probable que ya tenga en su casa útiles escolares sobrantes o reutilizables de años anteriores. Determine lo que todavía puede utilizarse en este año escolar versus lo que debe venderse, donarse o desecharse.

Haga una lista de lo que necesita y no se salga de esa lista.

No solo deben contabilizarse los útiles escolares de la lista, sino que también tiene que considerar artículos como ropa y zapatos de temporada, mochilas y loncheras, dispositivos electrónicos y equipos especiales para las actividades extracurriculares como deportes y música. Las compras impulsivas pueden aumentar rápidamente sus gastos.

Investigue y busque ofertas.

Determine qué tiendas tienen las mejores ofertas y luego busque cupones y programas de reembolso para acumular ahorros. Utilice los descuentos para estudiantes siempre que sea posible, especialmente cuando compre artículos costosos como computadoras portátiles y tabletas.

Compre y venda artículos en tiendas de segunda mano.

Lleve cualquier prenda que le quede chica o que ya no la necesite —y que todavía se encuentre en buen estado— a una tienda local de consignaciones para venderla. Luego, use el dinero que gane de esas ventas en las compras escolares de este año. Mientras vende sus artículos, recorra la tienda en busca de útiles escolares y ropa asequibles para agregar al ropero de este año. Para los estudiantes de secundaria y universitarios, compre libros de texto usados siempre que sea posible para ahorrar.

Compre al por mayor.

Es posible que su hijo/a se quede sin papel durante el año o que pierda sus lápices frecuentemente. Es una buena idea tener artículos extra.

Entienda las políticas de devolución y guarde sus recibos.

Tenga en cuenta que algunos artículos no son reembolsables o pueden tener tarifas de reposición de existencias asociadas.

 

¿Necesita ayuda con los gastos de regreso a la escuela de este año? Exclusivamente para miembros, el Préstamo de Regreso a la Escuela de Navigator se puede usar para uniformes, computadoras, útiles escolares, equipo deportivo, ropa, instrumentos musicales, ¡todo lo que necesita para ayudar a su familia a tener éxito en la escuela este año!

El Préstamo de Regreso a la Escuela de Navigator ofrece:

  • Préstamos hasta $2,000/li>
  • Una excelente tasa fija, tan baja como 5.99% APR
  • Plazos de préstamo hasta 12 meses
  • Procesamiento y tiempo de respuesta rápidos
  • Disponible hasta el 30 de septiembre de 2021

Haga clic aquí para solicitar en línea ¡hoy mismo!

Obtenga dinero de reembolso con cada compra

La tarjeta Navigator Platinum Rewards es otra excelente manera de pagar los útiles escolares. Por un tiempo limitado estamos ofreciendo una APR introductoria del 4.99 % en todas las compras ¡durante seis meses! Además, no tiene que pagar una tarifa anual ni de transferencia de saldo ni de adelanto de efectivo. Los titulares de tarjeta también ganan recompensas uChoose® ilimitadas. Puede canjear los puntos por miles de opciones, incluido el reembolso en efectivo. Para obtener más información sobre esta oferta por tiempo limitado, visite navigatorcu.org/your-card.

APR=Tasa de interés anual. Al enviar una solicitud para un Préstamo de Regreso a la Escuela, usted autoriza a Navigator Credit Union a revisar su historial crediticio para tomar una determinación sobre su solicitud. Las tasas de interés del Préstamo de Regreso a la Escuela son de 5.99% APR, 6.99% APR, 8.99% APR o 13.99% APR; también hay una tasa de 6 meses de 16.99%. La tasa puede variar según el historial crediticio de la persona y otros factores. $1,000.00 financiados en 12 pagos mensuales a 5.99% APR equivale a pagos mensuales de $86.08. Las tarifas y las ofertas de productos están sujetas a cambios sin aviso previo. El interés se acumula de la financiación del préstamo. La oferta termina el 30 de septiembre de 2021. Los nuevos titulares de tarjeta pagan una APR introductoria del 4.99 % durante los primeros 6 ciclos de facturación a partir de la apertura de la cuenta. Después de ese tiempo, la APR será del 10.90 % y del 12.90 % en función de la solvencia. Oferta sujeta a cambios sin aviso previo. Vea el acuerdo de Visa para revisar los términos y condiciones de uChoose Rewards®. uChoose Rewards® es una marca registrada de Fiserv Solutions, Inc. Visa® es una marca registrada de VISA Inc. Todas las ofertas están sujetas a aprobación de crédito y elegibilidad de membresía. Asegurado federalmente por la NCUA.

31 Aug

Home Improvement Projects That Pay Off

Home Improvement Projects That Pay Off

Navigator Credit Union can help you pay for home improvements with a home equity line of credit (HELOC).

Features include:

  • Ability to borrow up to 80% of your home’s equity
  • Navigator pays closing costs up to $1,500
  • Limited time offer of 2.99% intro APR for 6 months
  • 7-year draw period, followed by a 10-year repayment period
  • Convenient ways to access your funds
  • Navigator servicing for the life of your loan

Apply today by emailing mortgage@navigatorcu.org or calling 800-344-3281, option 5.

Source: National Remodeling Magazine: 2022 Cost Vs. Value Report

APR is Annual Percentage Rate. Rate and terms are based on credit criteria. The minimum loan amount is $10,000 and the maximum loan amount is $150,000 for a first mortgage HELOC and $100,000 for a second mortgage HELOC. Loan to value must not exceed 80%. Condominiums, investment properties and manufactured homes are not eligible for this offer. Offer subject to change without notice. Membership and credit eligibility criteria apply. Terms and conditions apply. NMLS# 646402 Federally insured by NCUA. Equal Housing Opportunity Lender.

 

31 Aug

Strategies to Manage Debt

Strategies to Manage Debt

Strategies to Manage Debt

Americans are piling up debt as they deal with a higher cost of living. The New York Federal Reserve says US households added $100 billion in credit card debt alone over the past year. That’s the largest jump in more than two decades.

Repaying your debt can often feel challenging. That’s why making a plan to manage your payments and balances can help. Navigator Credit Union has some strategies and tips that can make managing your debt easier.

Strategies
There are several strategies to help you get back in control if you’ve found yourself falling behind on your payments or want to pay off your debts faster.

  • Snowball Method: With this method, you start small and work your way up. Begin by paying off your smallest debt first. Then, take the amount you were paying for that debt and pay it toward the next smallest debt, and so on until everything is paid off.
  • Avalanche Method: Just like an avalanche, you knock out the big things first and then work your way down. Focus on paying off your highest interest rate first, then roll those funds into the next highest, and then the next.
  • Consolidation: Debt consolidation allows you to combine all of your debts into one payment. There are two ways you can consolidate your debts. You can transfer your credit card balances to one credit card, ideally one with a lower interest rate. By doing so, you’ll be paying less on interest and more on the principal. With the Navigator Platinum Rewards card, there are no balance transfer fees and interest rates are as low as 10.9% APR. Learn more at navigatorcu.org/your-card. Another option is to take out a personal loan and use it to pay off your debts. At Navigator, personal loans are available in amounts from $500 up to $20,000 and feature great low rates, flexible terms and fast processing.

Tips to Get Out of Debt
There are also other adjustments you can make to your approach to debt and daily spending habits that can make a large impact.

  • Reduce Expenses: The simplest thing you can do is stop spending on anything that isn't essential. Since debt doesn't go away by itself, the faster you stop adding to the problem the better.
  • Pay More Than Your Minimum Balance: Adding even just a little bit of extra money to your monthly payment can help you pay off your debt sooner and pay less overall.
  • Negotiate With Your Creditors: If you can’t afford the minimum payments, you can ask creditors to rewrite the terms of your credit agreements. This often means making smaller payments over a longer period, which does mean you'll end up paying more interest and therefore increasing the overall cost of resolving debt. But that's usually a better solution in the long run than having to default or declare bankruptcy.

Tapping Other Resources
If you've been contributing to a retirement savings plan at work, you may decide to tap into this resource instead of falling behind in payments. Borrowing from your retirement funds to solve debt problems should only be done after careful consideration. After all, you'll still need income from your savings down the road. Withdrawing from your retirement funds, rather than borrowing from them, will incur penalties, so be wary.

If you own your home, a Home Equity Line of Credit (HELOC) could be a good tool for consolidating debt. With a HELOC, you’re using the equity of your home to open up a line of credit you can use as needed. You don’t have to withdraw the full amount at once and you only need to pay interest on the funds you need.

Emergency Funds

One of the smartest things you can do when things are going well is to establish an emergency fund as part of your savings plan. Start with any amount you can afford to set aside, with a goal of saving enough money to cover at least three to six months of living expenses. That way, if an unforeseen event puts a drain on your finances, you'll have some backup funds to help see you through.

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