On My Way!

Reduce Debt – Increase Savings

Reduce Debt – Increase Savings!

Resolve to be debt free – take charge of your financial independence this year! 

DuTrac will assist in managing your funds, and help you achieve a better lifestyle.

On My Way to Becoming Debt Free:

Like many Americans, you may be in more debt than you had planned for.  Many times your debt obligations are such that every dollar from every paycheck goes toward expenses.  Additionally, having a large amount of debt increases the amount of stress and worry in your life.  Let DuTrac Community Credit Union help you get out of debt.

Consider a Credit Builder Loan:

The DuTrac Credit Builder Loan is designed for members who may not have credit or may need to re-establish their credit. This loan allows members to move toward achieving financial independence with the help of an automatic savings plan built directly into the loan. DuTrac will help members obtain an affordable payment based on a reasonable term and low interest rate.

Consider a Vacation or Holiday Account:

Don’t come up short when planning something big!  Open a Holiday and/or Vacation Club account and start saving systematically for something special without dipping into your regular savings account.  DuTrac also offers sub share accounts for other specific events…clothing, entertainment, education, etc.  Let DuTrac help you stay on course to becoming debt free!

Subscribe to an Eco Plus Checking Account:

What a bright idea!  The Eco Plus account has an element related to loans, savings, ATM usage, identity theft, debit cards and other products. Consider using Bill Pay or having all bills automatically deducted from your checking account.  Using systematic payments monthly instead of having to come up with semi-annual payments such as insurance, large house payment, tuition, etc.

Review Your Credit Report:

You have three main credit reports, one from each of the three major credit reporting bureaus:  Experian, Equifax and TransUnion.  You are entitled to a free credit report from each every 12 months using AnnualCreditReport.com.   If you would like help with reviewing your credit report feel free to reach out to a DuTrac Financial Services Consultant who would be happy to help you with obtaining the free report and reviewing the report with you.

Every Little Bit Counts:

When you’re struggling to get out of debt, reducing your expenses and putting that savings towards your debt can help.  Here are some ideas on things you can do to cut down on your everyday costs to help get out of debt faster:

  • Apply part or all of your tax refund toward your debt.  Paying off small debts gives you gratification of eliminating debt from your list.
  • Cut down on eating out – bring meals from home or spend time as a family meal planning.
  • Sell items you don’t need or use – there are many free sites that you can place items on for sale.
  • Go to your local library instead of buying or renting books and movies.
  • Cut the expenses for cable and find less expensive streaming options for TV.

Being in debt isn’t fun, but you can get relief.  If you would like help building a plan to get out of debt, please contact one of DuTrac’s Financial Services Consultant for guidance.

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