It’s easy to go overboard for Christmas. Giving extravagant gifts to your family members seems like a great idea…until you’re facing a huge credit card bill in January. However it happened, approach this problem rationally. Blaming yourself is pointless; the important thing now is to right yourself financially. Fortunately, you’re not facing this alone. We’re here to help. Check out these four ways you can patch up your finances and have things right before summer. 1.) Budgeting advice It’s very tempting to make only the minimum payments on the credit card you used to buy Christmas. Unfortunately, it’s also the…

Credit cards can be highly beneficial when they are used correctly, but can be detrimental to your finances when not used responsibly.  Below are some credit card habits that you should avoid in order to be a savvy credit card user. Make Payment Arrangements When You’re Struggling Instead of ignoring your accounts when you are struggling to make ends meet, call your creditor to see if payment arrangements are available.  Even one late payment can cause your score to drop 100 points (depending on your score before the missed payment).  You’ll also most likely be charged a late fee and a…

Promotions that boast 0% APR or 0% financing get a lot of attention. No one likes the idea of paying interest. So when you see a loan promotion (usually for autos) with that promise, you can’t help but wonder if it’s too good to be true. Bottom line: it is possible to have a loan with 0% APR. However, there is some fine print you need to look out for. What’s the length of the loan? Loans with 0% APR tend to be for shorter terms, which means higher monthly payments. You’ll need to make sure you can fit those…

Many credit unions, Aspire included, offer members the option to skip their loan payments certain months of the year. December and January are two months this service is typically offered. As a one-time thing, it can be a great convenience. It’s when you do it multiple times that things can get a little muddled. While taking advantage of skip-a-pay offers may make things easier in the short-term, it’s not necessarily the right choice for long-term financial wellness. Here’s what you need to think about before skipping. You Could End Up Upside-down on Your Auto Loan If you owe more than your…

Sometimes life throws expensive surprises. To cover them, you’ll need to borrow. If you’re borrowing to finance one of these costly events, consider a personal loan. 1.) Weddings. When it’s time to get married, the wedding is on- there’s no waiting for funds! The average wedding costs over $30,000, too much for one credit card, and the interest would make it incredibly more expensive. A personal loan beats credit cards and financing; you’ll have both a better repayment plan and interest rate. You may even benefit further if you skip the deposit and offer to pay more of the total…