Financial Goals What do you want your money to do for you? What does your financial future look like? How does debt impact your future? When do you want to be debt free?
Create a Spending Plan Review your income and expenses Can you cover your expenses without depending on credit cards? Determine the amount available to repay debt What changes can you make to increase the amount available to repay your debt?
Delete Your Debt Increase payments Modify spending Increase income Liquidate assets Commit bonuses, tax refunds, etc. to debt repayment Overpay the most expensive debts Review monthly finance charges Commit extra funds to the account costing the most
Delete Your Debt Stop charging Live a cash-based lifestyle Use debit cards Keep an emergency card if necessary Reduce interest rates Transfer balances to lower rate cards Consider using home equity May have tax benefit Be aware of putting your home at risk Be sure to close paid off accounts
Your Credit Report Information used to determine the cost & availability of credit Housing Employment Insurance Negative information is reported for 7 years Positive information is reported indefinitely www.annualcreditreport.com
Credit Scoring Commonly used to determine rates & availability of credit FICO scores range from 300-850 Based on credit history as a prediction of risk Higher score represents less risk to lender Scores may be used to determine insurance rates
Improving Your Score Pay consistently on time Limit number of open accounts to 2 – 4 Keep balance significantly lower than limit Do not transfer balances frequently Limit number of credit applications made
We Can Help! Improve Your Credit Score Pay Down Your Debt Faster Guarantee That You Pay Yourself First Free Up Time Create Good Credit History Reach Your Financial Goals Gain Peace of Mind
We Are Here For You! Personal Loan Mortgage and/or Home Equity Refinancing Auto Loan Refinancing Transfer High Rates to NASA FCU Visa Automatic Online Bill Pay Pay Yourself First Use BALANCE for counseling & money management
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