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Look for clutter, like unused streaming services and subscriptions, inactive credit accounts, or old financial accounts that have a low balance. Before you close any accounts follow these tips:
Clean up your credit files, look for inactive accounts, errors, or possible signs of identity theft.
By law you are entitled to one free pull annually from each of the three major bureaus. Be sure to order using the only Federal Trade Commission approved source for your truly free credit report: annualcreditreport.com
Make managing your money and keeping track of your saving and spending easier by opting in to Online Services like E-Statements, Bill-Pay, and Account Alerts.
With Online Bill-Pay you can pay your bill automatically from your member account and choose your payment type:
Visa® Purchase Alerts allow you to stay informed on your Visa Credit Card purchases and transactions, completely free. You can set up your desired alerts to be delivered via email or text based on:
Account Alerts keep you informed and can help you monitor your checking and savings accounts. Create Account, History, or Online Transaction Alerts to help keep your spending on track and protect you from fraud. It’s easy to get started and you can receive notifications via text, email, or secure message.
A budget is a critical financial tool. It can help you reach your financial goals and it shows if you may be overspending in certain areas. Spring clean your budget; scrutinize your spending, analyze your goals and adjust your plan as needed. If you don’t already have a budget in place get started today. UVA Community Credit Union Members can also create a budget, track spending, and set financial goals using Financial Tools in online banking.
List your debt from highest interest rate to lowest interest rate. Pay as much as possible on the highest interest rate debt, while paying the minimum monthly payment on the rest. As debts are paid move down the list. This strategy eliminates your most expensive debt first.
With this method you pay off debts with the smallest balance first. This strategy may help beginners and can give you a motivational boost.
Consider consolidating multiple higher interest accounts into one personal loan with a set interest rate and term. Using this strategy may help you keep track of debt better, but be careful not to run up the debt on consolidated cards again.
Balance Transfers
A balance transfer provides the opportunity to transfer higher-interest debt to a lower interest rate card. This could help you pay down debt, save money, and simplify monthly payments. Learn More.
Financial education content is intended for informational and educational purposes only and should not be construed as specific legal or tax advice.