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Looking for Cash or to Pay Down Debt?

Whether you need to save, pay down debt, keep from getting behind with your bills, or you’re dreaming of a vacation when the Pandemic is over, small steps can give you big results. We’re now well into 2021 and the holidays seem in the far distance, but the money, the money we spent over the holidays is showing up on various statements. Credit card statements, our account statements, and our regular utility statements keep coming in. Many of us ask how, how did I spend that much in one month? And, we’re not even going out for meals, movies, and other entertainment during the Pandemic. But we may have had extra shipping charges for mailing gifts to the family we could not gather with, or maybe we decided to buy that recreational vehicle or backyard swing set to compensate for the things we cannot do during the Pandemic. And sadly, maybe our income is down due to illness, a layoff, or permanent job loss in our household. Whatever the reason, if you’re finding yourself a bit strapped for cash, your financial institution can likely help. Here are some options that might work for you. If you’re too exhausted to dive into it, contact your financial institution. CUA loan officers can look at your financial situation and make suggestions on loan options that can help you dig out of debt. When calling, have the following information will make the call quicker and easier.

  • A list or financial statements that include the balances you owe, the current rate being charged on those balances, and monthly due dates.
  • Your total monthly household income
  • Any other routine payment or income amounts you might have, like alimony, child support, social security, disability pay, etc.

When you visit with a loan officer about your total financial situation, they can make suggestions that will not cause other financial problems. Tell them you’re looking to have more cash at the end of the month after paying your bills on time or whatever your specific goal might be. If you need detailed assistance in evaluating or building your budget, you can also contact CUA’s partner, GreenPath. You can visit privately, by phone, with a GreenPath licensed financial counselor that can help you with creating a budget, organizing your payments, etc. Basic advising services are free, compliments of CUA.

Options for Saving $$$

  • Save money on current debt
    • Consolidating – make one payment instead of multiple payments each month.
    • Moving to lower rate loans/credit cards.
    • Moving your mortgage to CUA.
  • Debt consolidation
    • Moving loans to CUA and financing as one loan.
    • Credit card transfers to CUA.
    • Paying off multiple debts with a Home Equity Loan if you own your home.
  • Shop your deposit accounts
    • Compare your savings rate at your other bank with CUA’s rate. We routinely pay the highest rates available in our communities.
    • Compare your checking account. If your checking is not with CUA, you might be paying a monthly fee, per check charges, or minimum balance charges. Take a look at CUA’s CORE checking account and save.
    • Don’t just compare your share and checking accounts, check rates on certificates of deposit and IRAs too. Be sure to compare features, like available terms, early withdrawal penalties, and insurance. CUA deposit accounts are insured by NCUA, a government agency, up to $250,000. Our financial service representatives can help you structure your accounts so each account is protected to the fullest extent.

CUA offers some of the best features to be found on all accounts.

Additional Ways to Save

Parents & Students

  • CUA offers ten $2,000 scholarships for students attending undergraduate classes. Students should apply now through March 19, 2021.

If you work in the field of education CUA offers:

  • Loan Discounts - 0.25% discount on auto loans and an additional discount with direct deposit, up to 0.75% total.
  • Guaranteed Teacher Loan - $1,500 for 12 months at 6.99% APR, CUA Core checking account required, copy of current full-time teaching contract, and payroll deduction for loan payment. One per member at any one point in time. Part-time teachers and non-teacher workers in the field of education may apply but must qualify for loan terms. Membership in good standing and all bankruptcies must be discharged.
  • TGIF Grants – Are you a teacher? Check out CUA’s TGIF classroom grants. You could receive up to $500 for classroom supplies or projects. Click here for details and to apply.

If you work for one of CUA’s Healthcare Select Employer Groups (SEG)

  • Open a new checking account and receive $200, thirty days after your first routine direct deposit arrives. Must be employed at a CUA healthcare SEG, one incentive per household, minimum $500 direct deposit within 90 days of account opening. Incentive subject to taxation, offer available for a limited time, and subject to change.
  • Healthcare Professional Loan - $1,500 signature loan, 6.99% APR, 12-month term.
  • $500 Nurse Scholarships – If you are a nurse working at one of CUA’s healthcare SEGs, you can apply for a $500 scholarship to pay for continuing education. Details/Apply here.
  • Loan Discounts – up to 0.75% APR discount on auto loans, speak with a loan officer for terms & eligibility.
  • Physician’s Home Loan – 100% financing on a new purchase or refinance, competitive adjustable rates, local servicing, no mortgage insurance, available for M.D.s and dentists on hopes up to $1,000,000, with approved credit.

Rates and offers noted are as of March 2, 2021 and subject to change.

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