Tips To Avoid The “After-Holiday” Headache

Christmas is behind us, and 2014 is coming to a close! As hard as it is to believe that the next Mason Jar Monday will be in 2015, the holidays are tapering off.  We hope everyone had a wonderful Christmas with their family and friends that left you feeling relaxed and rejuvenated and ready to start the New Year!  If, however, you (and your wallet) have been left with an “after-holiday” headache, here are a few tips to get back on track in time for the New Year!

• Assess The Situation – If the holidays put a bit larger of a dent in your wallet, savings, or credit card balance than you anticipated, the first step is to make a new plan.  Instead of stressing over your after holiday situation or living in denial of how much you spent, accept it and breakdown your current situation so that you can make a plan to get back to your pre-holiday situation.
• Set Goals – So you’ve assessed the situation, and you know the areas that need improvement.  Now it’s time to set some goals.  What area of your finances took the biggest hit this holiday season?  Your savings, your credit card, ect.?  Set a savings goal or a debt payoff goal that includes an end date so you make a new monthly budget given your new goals.
• Don’t Be Afraid To Ask For Help – If assessing your situation and setting goals has you with a bigger headache than you started out with, swing on in to your local credit union for some help.  We are here to put you in the best financial position possible, and have tools that can get your new year started off right.  If your credit card took the biggest hit this holiday season, Honor’s Visa balance transfer could help you consolidate your debt into a more manageable monthly payment to help you achieve your goals faster.  If building up savings is what you are after, an account specialist can help you set the savings goals you need with a plan to get you there!  

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about for next week’s Mason Jar Monday using #askhonorcu!  

You can listen to the last Mason Jar Monday of 2014 below! 97.5 Y-Country's Wild Bill and Honor's Scott talk about their tips to avoid the "after-holiday" headache!

Your Local Credit Union & Your Favorite Christmas Cookie Have More in Common Than You Think!

Arguably one of the best things about the holiday season are the baked goodies that come along with it!  While we’re not sure there is a bad Christmas cookie, we definitely all have our favorites that we hunt for on that cookie tray in the break room every year.  Whether you are a sugar cookie with green and red frosting type or if a peanut butter ball dipped in chocolate is more your forte, I’ll bet you didn’t know that your local credit union and your favorite Christmas cookie actually have a lot in common!

• Both have really great recipes!  Your favorite Christmas cookie is a work of baked art that all starts with following a few simple guidelines and ends with sugary perfection.  Your local credit union has the recipe you need to achieve your financial goals that all starts with a visit or phone call and ends in you achieving financial success!
• Every cookie is unique, and so is your financial situation!  Even the most dependable sugar cookie recipe might turn out different if you bake it or your Grandma bakes it, making each batch of Christmas cookies a little bit different than the rest.  The same goes for your financial situation!  Your local credit union understands that everyone’s financial goals and situation is unique to them, and we want to help you achieve your goals, whatever they may be!
• Both are dependable!  Have you ever sat down with a cup of tea and your favorite Christmas treat and NOT enjoyed yourself?  Christmas cookies are dependable and tend to make you feel good, and that’s exactly what your local credit union’s goal is, too!  Reliable, dependable, and trustworthy are all words that can describe the member experience you will receive visiting your local credit union!

What’s your favorite Christmas cookie? Don’t forget to follow us on twitter @honorcu and let us know using #askhonorcu!  

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott talk about the similarities between Christmas cookies and credit unions with two special guests! 

Four Reasons Why Millennials Can (& SHOULD) Trust Credit Unions

First thing you’re probably wondering is what the heck is a millennial?  That’s an easy answer – anyone born between 1980 and the early 2000’s.  A harder question to answer is why this group of people has such trust issues regarding their finances.  Nearly 40% of this group regularly worries about their finances, but 25% trust “no one!”* Credit unions are here to help, and here are four reasons that millennials can (and SHOULD) trust credit unions.

1. Credit Unions are nonprofit organizations.  What this means for members, including those that fall in the millennial category is that any profits made off of credit union’s financial products is reinvested into the credit union, NOT put in the pocket of a select group of shareholders.
2. Credit Unions want to educate members, not take advantage.  It truly is in the best interest of the credit union to have members that are confident with their finances and educated on how to manage their money.  More financial confidence and stability means less defaulted loans and lower interest rates for the members!
3. Credit Unions provide members the tools to succeed.  On the same note as educating members, credit unions not only talk the talk, but give members the tools they need to succeed.  Contrary to some beliefs, credit unions have many tech-savvy tools to help members manager their money and feel more confident with their financial plan in whatever way suits them best.  From the mobile app to mobile deposit capture, there are many way that millennials can keep tabs on their finances and still keep up with their busy demanding lives.
4. So many millennials don’t think they even are eligible to join a credit union, like it’s a special club that they haven’t been invited to.  This could not be more wrong, especially at Honor!  Anyone in the great State of Michigan, no matter their age can become an Honor Credit Union member!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott talk more about millennials and why they should trust credit unions on Mason Jar Monday!

*Source - http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=27917295025&blogid=448&utm_source=real_magnet&utm_medium=Email&utm_campaign=CUNA_NN%20-%20%2314615577-1

Three Quick Cash Traps To NOT Get Caught In

Especially this time of year when consumer spending is at an all-time high, many Americans are looking for quick and easy ways to add a little cash to their wallet to fill the gas tank, fit all those bills in for the month, or simply put food on the table.  If you are struggling to fit holiday shopping in and still make ends meet, looking for some extra cash isn't a bad thing, but here are a few traps to avoid*:

Payday loans – while getting a small loan that you plan on paying back your next paycheck may sound simple enough, there are usually HUGE catches.  The fees and interest rates on these types of loans can be massive, leaving you in a bigger hole than you started in when you go to pay it back with your next paycheck.  These loans can cycle out of control very quickly, so approaching your credit union for an alternative that doesn't include those huge fees is a much safer bet. Low balance loans, like Honor’s current Cash For Christmas loan special, can get you the same result as a pay day loan with a better interest rate and a much more reasonable repayment plan.

Car-title loans – like payday loans, car title loans are small dollar amounts that can come with HUGE interest and fees, but instead of holding your next paycheck hostage, they hold your car title AND a set of keys hostage.  If when the amount of money you borrowed is due, you find yourself in another situation, they can come and take possession of your car no questions asked.  Once again, come visit your credit union if you find yourself even considering one of these types of loans for a safer and smarter alternative.

Credit Card Advances – there is a lot of confusion on the difference between 

using your credit card for purchases and taking cash advances on your credit card.  Cash advances often come with a higher interest rate and that interest starts accruing right away.  If a credit card is your solution, it would be wiser to make purchases with your card and make a plan to pay them back quickly to avoid the cash advance trap. 

If you find yourself in need of a few extra bucks this Holiday season, or any season for that matter, make your local credit union, like Honor Credit Union, your first stop.  We can help you assess your personal financial situation and come up with the best scenario for you and your family!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott talk about cash traps on Mason Jar Monday! 

*Source - http://www.bankrate.com/finance/debt/payday-loan.aspx

Holiday Scams You Need To Know About

The holiday season is upon us, which means additional shopping, spending, and traveling for many. These increased transactions are looked at as a golden opportunity in the eyes of scammers. To better keep our members protected and well-aware this holiday season, Honor has put together a list of potential consumer scams to watch out for this shopping season.

Home Delivery Scam

Scam: The homeowner finds a delivery notice on their front door notifying of an "unsuccessful" attempted delivery which directs the homeowner to call a number.

Prevention: Never call back nor provide any type of personal or financial information. If you were expecting a delivery, research it further to find out if it's legitimate.

Coupon Scam

Scam: Consumer responds to an offer for online coupons requiring personal or financial information including card or password information.

Prevention: If responding to online coupons, never provide personal or financial information including card or password information.

Fake Charity Scam

Scam: The consumer receives mail or in person to give money to a charity. The letter or person asking for the donation doesn't give up. Don't give money to a charity until the consumer has researched them. Take extra caution when asked in person or at your home.

Prevention: Don't give money to a charity until the consumer has researched them.

Gift Purchase Scam

Scam: Scammers advertise popular gifts on websites and social networks, even if they don't actually have the popular items.

Prevention: Take extra caution when considering the purchase of a popular item. Researching the website and social networks is a must.

Gift Card Scam

Scam: Consumer purchases a gift card on a online site or at a retail location. When the gift card is used, there is no value on the card/card number.

Prevention: Consider purchasing a gift card at your credit union. This will help secure the value placed on the gift card when used.

Technology Support Scam

Scam: Consumer is contacted and advised to provide information because of a threat to their computer/mobile device.

Prevention: Never provide any information when a technology support team is contacting you. If you are having technical problems, the consumer should do the contacting to the technology 

support service.

Fraudulent/Fake Check Scam

Scam: One of the most popular scams involves scammers convincing unwitting victims to accept fraudulent/fake checks. Checks are much higher than the amount expected. Scammers then used a variety of creative, clever stories to explain the compensation discrepancies and convince victim to send back overpayment via cash-like payment methods or wire transfer.

Prevention: Never send funds back on any overpayment check.

Electronic Holiday Greeting Card Scam

Scam: Clicking on a phony online greeting card can result in downloading a keystroke logging program.

Prevention: Take extra caution before clicking on an online greeting card. Check with the person who is sending it to confirm it was from that person.

You can also view this list and up to date fraud alerts on Honor's website.  If you think you have been a suspect of fraud, contact your financial institution right away!  If you are an Honor member, you can call our Member Solutions Center at 800.442.2800.

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu!  

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott talk about some holiday scams on Mason Jar Monday!