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Make Your Money Work for You

Make Your Money Work for You

Every day you hustle. Nose to the grindstone getting through the workday. You’re working hard for your money, but have you ever stopped to think how your money can work for you? Making your money work for you goes beyond an emergency fund or simply being debt free – although, both concepts are a necessity in this instance. It’s about taking the money you’re already making and making it generate returns for you. But, how? There’s no simple answer or even a single way to do it, but these tips can help you get started. Get out of debt First things first, if you have debt get rid of it. After all, you can’t invest in you and your future if you’re giving your money to other people. The first step to a debt-free life is figuring out exactly how much you owe. Most people don’t even know how much debt they’re in, according to a study from The Federal Reserve. Once you know how much debt you have, decide how you’re going to pay your debt. Budget The most important way to change the way you handle your money is to budget. By creating a budget, you are telling your money what you want it to do. When you assign each dollar into a category, you’re controlling where your money goes and what it does. It’s a great first step in reaching your financial goals. Think about it this way: your budget is like a fitness tracker in that it helps you monitor your money. When you monitor your money and know where it is and what it’s...
Don’t Let High APR’s Hold You Hostage

Don’t Let High APR’s Hold You Hostage

Actor Hill Harper said it perfectly: “Credit card interest payments are the dumbest money of all.” This year wasn’t kind to credit cardholders’ wallets. In 2019, cardholders paid an average of 17% APR – the highest level recorded by the Federal Reserve since 1994. To put it into perspective: in 2009, the average APR registered just under 13% and in 2016 it hovered around 12.5%. (See chart below) Even the maximum APR has climbed significantly. Financial institutions typically over a wide range of APRs. As a result of the increase, maximum APRs are around 25% with the media standing at 21%. So, what does this mean for you? Well, it means you’re likely paying more in interest than you’ve ever paid. But, don’t worry. There are several ways around paying high interest rates that will actually help you in the long run. Avoid balance carryover Ultimately, the best and most responsible way to use a credit card is to pay off the balance monthly. By paying your balance in full each month, you avoid paying interest while reaping the benefits a credit card has to offer. Plus, it helps improve your credit score. Avoid spending more than you have We’ve all done it. We have a credit card for emergencies only, but something comes up we really want, and it finds its way to the credit card. Next thing you know, there are multiple unnecessary purchases on there that you’re trying to pay off. The best habit to get into is not spending more than you can pay off monthly. The more you put on a card, the more...

Official Rules

Power Financial Credit Union Gas Card Giveaway Official Rules Promotion Period Promotion begins on September 1, 2019, and ends on December 27, 2019 (the “Promotion Period”). Entry By entering the Promotion, each entrant accepts and agrees to be bound by these Official Rules.  No purchase necessary to enter or win. Individuals who qualify and open an auto loan during the Promotion Period will be automatically entered into a drawing to win a $200 gas gift card. Individuals may also enter by providing name, address, and phone number on a 3×5 card and mailing it to: Power Financial Credit Union, 2020 NW 150th Ave, Pembroke Pines, FL, 33028, Attn: Nicole Phillips; must be postmarked before the end of the Promotion Period. Prizes There will be one (1) winner who will receive a $200 gas gift card. Winner will be selected by random drawing from all eligible entries on or about December 28, 2019 and will be notified on or about the December 29, 2019. Winner is responsible for all applicable federal, state and local taxes. The prize cannot be exchanged for cash and is not transferable or assignable. Odds of winning depend on the number of entries received. Conditions The drawing is void where prohibited or restricted by law and is subject to all federal, state and local laws and regulations. Winner agrees to the use of their names and likenesses in publicity without notice or any additional compensation, except where prohibited by law. By entering this promotion, the winner acknowledges that Power Financial Credit Union has the right to publicize and broadcast their name, voice, and likeness, the fact that...
4 Hacks to Raise Your Credit Score

4 Hacks to Raise Your Credit Score

4 Hacks to Raise Your Credit Score Your credit score. Chances are you either love it or hate it. It’s either the greatest thing in the world or a total hindrance. Or, maybe you don’t really know enough about your credit score for it to make an impact on your life. As a whole, Americans’ credit scores are beginning to increase but our knowledge of credit and how it works is declining. A recent survey from credit scoring company VantageScore and the Consumer Federation of America found that 32% of the people surveyed didn’t know they had more than one credit score. That percentage has risen by about 16% since 2012. Let’s forget about how many credit scores we have for a second and answer a very basic question: what is your credit score? Your credit score is a three-digit number ranging from 300 (the lowest possible score) to 850 (the highest score). Lenders use your credit score to make decisions about whether or not to offer you credit – such as a credit card, car loan or mortgage loan. Your credit score is also used to determine the terms of the offer – what your interest rate will be and whether or not you’ll have to make a down payment. Your credit score is calculated by looking at these categories: Payment history Your income-to-debt ratio Total debt Length of credit history Types of open credit Public records (such as bankruptcy) Number of inquiries for your credit report New credit So, what is considered a good credit score? The average credit score in the United States ranges between 670...
How to Prepare for the Unexpected Expense

How to Prepare for the Unexpected Expense

We can’t avoid unexpected expenses. Life happens. Question is, how prepared are you to deal with life’s unexpected curveballs? There’s no way to predict when life will happen. One minute you’re looking at a little extra money in the budget and feeling good about the small surplus. The next minute your new puppy swallows part of a chew toy, and you’re off to the vet. There goes your small surplus and budget. Life’s unexpected events can be overwhelming and figuring out how to handle the new debt plus the monthly recurring debt can be stressful. What happens if your car breaks down, you have to move, or your water heater has to be replaced? Illness and employment are equally as unpredictable. If you are laid off, how long could you pay your bills without living off credit cards or borrowing money? You’re not alone. Did you know that 40 percent of Americans can’t cover a $400 expense out of pocket? So, what happens if you find yourself in this position? Believe it or not, you have a few options – smart, safe and legal options – to help cover those unexpected expenses. Payment plans Maybe haggling over a bill doesn’t come naturally to you, but this is a great way to save a little money each month. Most doctor’s offices and hospitals will work with you on payment plans as long as you are paying something on it each month. It’ll help show that you’re good for some of the balance now and can pay some later. Avoid predatory lenders Don’t let your circumstances make you feel like payday...