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CUNA’s Dosher Shares Debt-Disaster Avoidance Tips with Bankrate
Friday, July 17, 2015 6:40 AM

Bankrate relied heavily on the expertise of CUNA’s Consumer Education Department Managing Editor Michelle Dosher in a recent article that spells out how consumers can keep their finances as safe as possible:

  • Save anything you can: “Even if you can only afford to set aside a minimum amount, that … can really come in handy in an emergency;”
  • Don’t shy away from creating a budget: "Understanding how much money you have coming in as well as going out is the first step to truly keeping a successful spending plan;"
  • Think twice about co-signing on loans to avoid sticky situations: For example, when a loan is secured by an asset, such as a car, and the asset is repossessed, but does not cover the value of the loan, “the lender can come to you for the outstanding balance,”
  • Don’t stretch finances too thin: “It’s a really bad habit being careless about paying bills on time;”
  • Check credit reports regularly to see what’s on them and if they’re accurate; and
  • Take advantage of any matching funds employers offer, because getting that money early, when it has time to earn decades of interest, “is huge.”