Make a Payment Rates About Careers Contact Locations

Tired Of A Debt Load That Never Seems To Shrink?

March 9, 2016 You budget and scrimp to make your debt payments each month (yay you!) But when you look at the principal still due on each of your loans, does it feel like you’re standing still? That’s discouraging! We get it! Fortunately, the Summit team has some great ideas for making that mountain of debt shrink to a more manageable size. First, make a list of all your debts. Write down who you owe and how much, the interest rate and the amount of time it will take to pay off each loan if you keep following your current payment plan. Next, consider a couple things. 1. Do you have the best possible interest rate on every loan? For instance, do you have a credit card with a high rate? Have you checked out other options with a lower rate? Maybe you picked a credit card because it offered great rewards. But if you’re not paying off the balance due every month, you’d be much better off switching to a card with a lower rate. Check out Summit’s   to see if there’s one that meets your needs and offers you a better deal. (And if you’re a Red SHOES member, look at pages 46-47 in your Red SHOES book for an example of how a lower interest rate can mean big savings). And, how about your mortgage? If you got it fairly recently, you might not be able to do much better in the rate department, but it never hurts to find out—and even a small rate difference could save you thousands in interest! At Summit, we’d be happy to sit down, review your loans and point you in the right direction. 2. Have you looked into consolidating your debt? This means bundling up your debts and refinancing them at a more competitive rate. Sometimes a credit card provider might give you an offer to turn all your credit card debt over to them to save on interest. That can be a good choice in some instances—but not always. For instance, the credit card is probably enticing you with a low interest rate to start with, but this likely bumps up after a certain amount of time. If you can’t afford to get rid of your debt in this window, you could end up paying an even higher interest rate and making your mountain of debt even bigger. Plus, there might be a fee to make the transfer. Again, check out your Summit  : We’ll steer you to a card that makes sense for you, and we don’t charge a fee for credit card transfers. An even better choice might be to consolidate your debt using the equity in your home. 3. Should you leverage your car loan?  Your existing car loan can be another way to save money on interest. Consider rolling high-interest credit card or other debt into your lower-interest car loan: you might be able to extend the terms of the loan, borrow the money you need to pay off the more expensive debt and still have the same monthly payment.  No matter which option you investigate, there’s one critical thing to remember: Summit Credit Union is on your side! We want to see you succeed and we’re here to help you reach the “summit” of your debt (every pun intended!). Not a Red SHOES member? Gain control and be confident in your financial decisions with this exclusive financial wellness program.  You might also be interested in Whew – what a journey! has officially come to a close, and these four teams have been impressive. And they’re leaving this program with less debt, mo Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. How can we help you avoid difficult money situations and put you in the best financial position for success? This question is at the heart of so many things we do here as your financial partner – including our decision to eliminate the non-sufficient funds (NSF) fee as of April 1. Are you struggling to come up with the perfect New Year’s resolution? Here are three great reasons why focusing on your finances should be a priority this year! It’s not every day that someone gives you hundreds, or maybe even thousands, of dollars for (seemingly) no reason. That’s what makes getting a tax return so exciting. So before that much-anticipated check arrives, stop and consider what you should do with your tax refund, as well as what you want to do. Simple, everyday choices can reduce consumption and our impact on the environment. Learn ways to be more eco-friendly…and your spending at the same time! Sometimes having a little extra cash is the only thing between you and your dreams. Check out these financial tips to be smart about borrowing money and avoid common mistakes. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA