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Are you thinking of remodeling your kitchen, or do you need help with tuition expenses?
Are you thinking of remodeling your kitchen, or do you need help with tuition expenses? Home equity loans offer a low-cost option that’s quick and easy to obtain. There are two types of home equity loans—a regular home equity loan and a home equity line of credit, or HELOC. With a regular home equity loan you get a lump sum of money and, depending on the loan terms, you pay a predetermined amount back each month for the life of the loan. This option makes sense if you have a large expense up front, such as business start-up expenses. A HELOC differs from a conventional home equity loan in that you don’t receive the entire sum up front but will draw against a “line of credit” to borrow sums that total no more than the credit limit, similar to a credit card. You can use our online banking...
Give Your Debts a Financial Health Check
A debt-to-income ratio is a measure of financial stability calculated by dividing monthly minimum debt payments by monthly gross income. This calculation gives a straightforward depiction of your financial position. Typically, the lower your ratio, the better handle you have on debt. Determining your debt:
  1. Collect your most recent credit billing statements for current balances
  2. Outline your total monthly bills using two columns: bill type (such as car loan, mortgage/rent payments, and so on) and monthly payment. Do not include bills such as taxes and utilities in this list.
  3. Add up the total for all of the monthly payments listed.
  4. Calculate your monthly before-tax income. If you receive a paycheck every other week, as opposed to twice a month, your monthly gross income is your before-tax income from one paycheck times 2.17.
  5. Your monthly debt-to-income ratio is calculated by dividing your monthly debt payments by your monthly income. For example, someone...
A Personal Debt Assessment: Your Financial Life Preserver

Do you feel like you're drowning in debt? Trust your instincts.

The national average credit card debt per household is $7,180. About 46% of households carry a balance on credit cards from month to month. Our reliance on plastic and other forms of credit makes life difficult for families struggling to make ends meet. Even if you're still in shallow water, a personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control. How do you know if you need a debt assessment? Ask yourself whether you're experiencing these warning signs: * Do you frequently pay bills late? * Do you pay only the minimum due on your credit cards? * Do you use credit for necessities like groceries? * Have you ever used one credit card to pay off another? * Do you find yourself paying off holiday debt for...