Education
Security
Security has become increasingly important over the past few years with phishing and identity theft issues. HFCU can provide security related resources to help you protect yourself.
Lost or stolen Visa?
Please call 253-MYCU (6928). Listen to the system and select additional options (#4).
Then, select report lost or stolen Visa (#3) and deactivate (#2).
Ask The Expert
When Times Are Tough, Ask For Help
Ruth Gaon, CEO
Q: The economic stimulus payments will be showing up in mailboxes very soon. What is your recommendation on what to do with those checks?
A: Everyone’s financial situation is unique and, therefore, my recommendation is to review your household budget and make sure that it is solid, especially in light of the recent predictions of slowdown within our economy. It is especially imperative to develop and maintain good financial habits at this time. And, always remember that it’s never too late to ask for help if you feel that you are digging a financial hole—a trip to your local Heritage Federal Credit Union branch should be Job No. 1.
Q: What are some immediate areas to look at and take possible action?
A: I can suggest five areas to consider:
- Manage your mortgage:
a. Especially if you have an adjustable rate mortgage and are facing a rate adjustment, consider refinancing your home loan with our mortgage department.
b. Refinance into a fixed-rate 30-year (or shorter-term) mortgage, or a new ARM that has terms better suited to your situation.
c. Even if you have a fixed-rate home loan, refinancing may free up some money you could use to:
- Pay down more expensive debt such as credit card bills, or build your emergency fund for unexpected expenses, such as car repairs or a new air conditioner.
- Tap equity
a. Can be a useful cushion if you’re not already overloaded with debt
b. You can set it up and never draw on it, but have the comfort of knowing it’s there if needed.
- Cut credit card costs
a. Switch to a Heritage Federal Credit Union VISA card. Our credit cards are locally serviced and have a lower interest rate (that will stay lower) with lower fees, as well. Also, with a locally serviced card, you get better response and have someone nearby that you can go to.
b. Pay on time and, whenever possible, pay the balance off each month.
c. Avoid cash advances—the interest rate on these is higher than on straight purchases.
- Pass up payday loans
a. Payday lenders charge interest rates from 300% to 1000%
b. Check the Consumer Federation of America’s www.paydayloaninfo.org web site to see how much payday loans really cost
c. Visit a local Heritage Federal Credit Union branch—they have alternatives to payday loans with fairer terms and lower rates, such as short-term signature loans and low-cost cash advances
- Use direct savings deposit
Those using savings direct deposit save an average of $390 per month, $90 more than those saving manually, according to NACHA, the electronic payments association, Herndon, Va. Direct deposit gives you:
- One less thing to worry about; it’s safe
- It’s an easier and more convenient way to save
- Gives you more control over your money and your time—it’s predictable and dependable.
Q: When is too late to ask for help?
A: Don’t wait until you’re in deep trouble to ask for a financial checkup at Heritage Federal Credit Union. In fact the earlier you ask for a review, the better the outcome can be. Another source of help is the National Foundation for Credit Counseling (NFCC)—the NFCC in Silver Spring, Md., has nonprofit Consumer Credit Counseling Service (CCCS) affiliates around the country ready to help you get back on track from financial difficulty. To locate the nearest CCCS office call 800-388-2227 or visit nfcc.org.
Equal Housing Lender