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A Different Type of Credit Check

What’s the single biggest obstacle to building wealth? Debt.

Think about the advertisements you see from retailers promising instant gratification with no money down. Credit used the proper way can be beneficial, but if your goal is to be financially secure, you’ll likely need to take a hard-line stance against debt.

As you limit your purchases to only the most essential items, vow to pay off credit card bills in full every month in a timely fashion. You don’t need interest charges and late fees eating away at your financial foundation.

Steps to Reduce Debt

  • Limit spending to essential needs and eliminate non-essential spending
  • Pay off all existing credit card debt
  • Consider working extra hours or a second job to get out of debt and earn more money

PrimeWay’s Debt Solutions

PrimeWay Federal Credit Union offers products and services to control debt. Our automatic bill-pay function will transfer money for bills instantaneously so you’re not tempted to rack up more debt while making only partial payments. Automatic transfers also can be made into our savings and investment products so that your money can grow rather than wither quickly.

Learn how to control your debt and take greater control over your personal finances.

Curb Impulse Buying

A major factor in piling up debt instead of wealth is the emotional response to advertising known as impulse buying. Train yourself to view potential purchases with an eye toward the purchase’s future impact.

  • If you see something appealing, wait 24 hours.
  • Calculate how many hours you must work to pay for it.
  • Determine how the item will improve the quality of your life.
  • If you still want it, shop around and create a plan to pay for it.

Control Your Debt, Control Your Life

You’ve made some financial choices that are costing you a lot of money right now. Those credit card purchases that seemed like a good idea at the time are less attractive because it’s taken a long time to pay them off in full. Interest has accrued and maybe some late fees have been tacked on.

It’s time to rein in your credit card use so your money is building toward your future, not your past. Use the calculators and coaching modules on this page to help tackle your debt and move forward.

Reduce Your Debt

Reaching out for help with your debt is a brave move. Here are some debt-reduction tips to consider:

  • Leave your credit card at home.
  • Direct deposit your paycheck and autopay a set amount to your credit card.
  • Celebrate your success with weekly, inexpensive rewards.

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