When it comes to financial health, everything revolves around managing debt. One of the most effective ways to alleviate the burden of high interest loans is through refinancing. Be it a mortgage, an auto loan, a student loan, or even a personal loan, refinancing can offer long-term savings as well as financial freedom. But how does it work, and when is the right time to refinance? Let’s explore how refinancing can be a smart money-saving strategy. What is Loan Refinancing?…
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Inflation is challenging for many Ohio families. Skyrocketing costs can cause additional stress and possibly mental or physical health issues. A Fidelity Investments survey showed that going into 2024, a third of Americans were worse off than they were one year ago, with the same number considering more conservative money goals this year. In addition, according to a National Credit Union Foundation Health and Financial Well-being white paper, 75 percent of Americans cite finances as their primary source of stress,…
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The Super Mario Bros. Movie (2023) may go down in history as one of the most-loved video-game-to-big-screen adaptations, but did you know that it also holds valuable financial lessons? Beyond the Mushroom Kingdom, Mario and Luigi’s journey provides insights that can be applied to our own personal finances. From budgeting wisely to navigating unexpected challenges, the adventures of the Mario Brothers offer a surprisingly relevant and entertaining guide for managing your money. So, let’s power up our personal finances and…
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If you’ve done research to try to lower your monthly student loan payments, you’ve undoubtedly come across the option to refinance them. It may sound like a complicated process, but don’t be intimidated; it’s much simpler than you might think and can potentially save you a significant amount of money in the long run. What is a Student Loan Refinance? Essentially, refinancing is when a borrower takes out a new loan with different terms. The new lender (such as a…
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Most people ignore this most basic fact: Our largest purchases are almost always made on credit. Not only will you need a decent credit score and history to qualify for a large loan, but a better score can literally save you hundreds of dollars a month because you’ll score better interest rates on loans. There are two main components to your credit: CREDIT SCORE. This is based on your payment history, the amounts you owe on your cards, the length…
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Getting rejected for a loan can feel like a kick in the teeth. No way around it, rejection is painful. But a loan rejection may be a gift in disguise. All too often, borrowers get the loan they want and end up wishing they hadn’t because they can’t afford the payments. Lenders have good reasons for denying loans; they need to know you will be able to repay the amount you borrow from them. With some effort, you can turn…
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Is a Consolidation Loan Right for Me? Here at Midwest Community, we offer a range of products and services to help our members make the most of their money and get financially healthy. One of those products is the consolidation loan. In the short video below, we tackle a few frequently asked questions to help you decide if a consolidation loan might be a smart choice for you.
Understanding behaviors that impact credit score is important According to a 2018 Credit Health survey by Discover, 85 percent of U.S. consumers are aware of their credit standing, a statistic that increased 12 percentage points over the previous year. Consumers across the U.S. seem to grasp the importance of the credit score – but may fall short of understanding the specific behaviors that affect it. A study from U.S. News & World Report on Americans’ understanding of credit scores suggests…
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Did you know that the easiest and most effective way to save is automatically? It’s how millions of employees save through 401(k) and other retirement programs at work. It’s also how millions of Americans save at their bank or credit union. It’s a great way to build wealth and financial security, and it’s easy to set up! How to Save Automatically Every month, have your bank or credit union transfer a fixed amount (like $25, $50 or $100) from your checking…
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Feeling financially unwell can affect more than just consumers’ wallets. In a study from the American Psychological Association, nearly 72 percent of American adults reported feeling stressed about money at least some of the time, and nearly a quarter said they experienced “extreme stress” about their financial situation in the past month. Stress at that level isn’t healthy. Chronic stress can cause headaches, weight gain, and even heart disease, according to the Mayo Clinic. The American Psychological Association also pointed…
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