Are you struggling with credit card debt ahead of the holiday season? Do you want to give your kids a good holiday or host a big holiday party for your family but you didn't get your expected holiday bonus this year? There are a variety of financial situations like these where your local credit union might be able to step in and help you out. Here's why you might want to look into credit union loans to get you through the holiday season.
Pay Off Cards Before Shopping
If you got yourself into trouble this year and have credit cards with high balances and high-interest rates, a credit union loan can let you push reset. You may be able to get a personal loan that will allow you to pay off your credit cards and just pay your credit union at a much lower interest rate instead. This will also free up your cards if you need some extra funds in order to buy holiday gifts or food. Just be careful to not run up a high balance on the cards again.
Choose Personal Over Payday
Are you looking into a credit union loan in order to make it through the holidays but you don't like the high-interest rates you see from some short-term loan providers? A payday loan company may have an especially high-interest rate, for example. A credit union's rate can vary depending on a variety of factors of course, but your local credit union will likely be able to offer a better rate than the average payday loan company or any other similar short-term loan provider.
Don't Let an Emergency Ruin Everything
Maybe you thought you had enough money saved up to buy everyone holiday presents but then something happened. Maybe your car broke down or you just spent a week in the hospital and you are now looking at the bill. If you just had to drain your holiday fund to take care of another emergency, a credit union loan can allow you to replace your holiday fund at a reasonable interest rate and you can tap the funds from the loan for your holiday expenses instead of draining your own bank account even further right this second.
Be responsible with your holiday spending and don't go buying things that will take you a long time to pay off. But if you just need a little extra help this holiday season or a fresh start on your finances, your local credit union may be able to help.
Contact a local credit union, such as Together Credit Union, to learn more.
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