Don’t Let Student Loan Debt Weigh You Down
CNN Money recently published an article by Blake Ellis about college graduates delaying some major milestones because of their student loan debt. Ellis cites a survey from the American Institute of CPAs where 41% of the more than 200 participants stated they put off saving for retirement; 40% put off buying a car, 29% are pushing back plans to buy a house. 15% of those surveyed are even postponing marriage due to student loan debt. Graduating from college is a huge accomplishment, but looking at a post-college life filled with debt can put a damper on the excitement quickly. Student debt might be inevitable, but there are ways to minimize the impact it has on your life.
1. Consolidate Your Federal Student Loans.
Consolidating multiple loans into a single payment, not only makes managing your repayment easier, it will probably save you money by reducing your monthly payment, and helping you pay off your debt quicker. Direct Consolidation Loans is a webpage maintained by Federal Student Aid that has information on consolidation, and an application.
2. Consolidate Other Debt
College is also the first time many of us have credit cards, medical expenses, and other loans that we have to repay. The same principle applies to consolidating these debts. Consolidating can make debt easier to manage because there are fewer monthly payments to make. You can also spend less on payments every month and pay less in the long run.
Here’s a video that gives a little more information about how 3Rivers can help you consolidate your debt, and make it more manageable.
It might be tempting to take your savings, and catch the next flight to Vegas, but I’d recommend creating a solid financial plan for your future first.
The WalletCare Promise: Point 2
2. We will review your debt to find ways to save you money in payment or total interest.
Debt. Even typing the word makes me shudder a bit. We know how burdensome debt can become, but we also know that debt is a necessary part of most of our financial lives. That’s why we make a point to examine our member’s debt situation during a WalletCare conversation. We aren’t interested in simple saddling our members with more debt. We want to help our members borrow better.
We know you have to borrow money occasionally. It happens. The key to our conversation is finding the best solution to make that debt manageable. In addition, if you’ve already borrowed somewhere else, but those debts are making life difficult for you, we want a chance to make that debt easier by moving it to 3Rivers.
How can debt be easier? There are a couple different ways to lessen the financial weight of your debt. First, you can refinance your debt to lower your monthly payments, freeing up more money each month so you can actually save for your future. But monthly payments aren’t the only way to save money. You can also restructure your debt to save a LOT of money over the life of your loan. By shortening the term of your loans, not only will you pay off your debt sooner, but you will also end up paying substantially less interest. These are the benefits of sitting down for a WalletCare conversation and taking the time to examine all of your opportunities.
If you’re interested in sitting down for a WalletCare conversation with us, visit your local 3Rivers branch today!
The WalletCare Promise: Point 1
1. We will complete a comprehensive financial review to help you find better ways to spend, save, and borrow.
When we say comprehensive, we mean comprehensive. We aren’t interested in just signing a few docs and sending you on your way with a new loan or account. We want to be sure we’re delivering true service to our membership and that means giving you our full attention every time we sit down with you.
We can answer all of your questions about your money matters, and we may ask a few of our own. To really provide the best financial solutions for your individual situation, we’ll have a productive and interactive conversation using tools that can determine where we might be able to offer better ways to spend, save and borrow. We’ll look at your debts, your savings plan, and we can even look at your household budget to find areas to make some effective changes.
Want to know more? In the Tools section of our website you can see for yourself what we use to help our members learn about their financial needs. Take a few minutes to check out these great tools, and you’ll see how important a comprehensive financial review can be for your financial health.
- Debt In Focus
- Loan Saver
- Calculators
In addition, if you’re interested in examining your credit report, we can help with that too. If you’ve ordered your own credit report through the credit bureau or through a free service such as AnnualCreditReport.com, we’d be happy to go through it with you and discuss ways to improve your credit and make a real impact on your money matters.
Again, WalletCare is no gimmick. It’s not a one-time deal. WalletCare is how we’ve always done business, and it’s how we’ll always do business, because we’re here to do one thing. We’re here to help our members make healthy financial decisions to keep our community strong.
If you’re interested in sitting down for a WalletCare conversation with us, visit your local 3Rivers branch today!
Have You Experienced WalletCare?
By now you’ve seen us talking about WalletCare on TV and in our branches. We want to help everyone understand what WalletCare means so we’ve laid out a four-point Promise to explain what it’s all about.
The WalletCare Promise by 3Rivers
- We will complete a comprehensive financial review to help you find better ways to spend, save, and borrow.
- We will review your debt to find ways to save you money in payment or total interest.
- We will compare deposit accounts elsewhere to help you save and even grow your money.
- We will listen to your financial goals (college planning, retirement, etc.) to help you build your desired financial future.
When you come into a 3Rivers branch for a WalletCare conversation with one of our team members, you can expect to have each of these points covered because this is the only way we can be sure we’re helping you solve ALL of your money matters.
This isn’t a one-time flashy promotion. We’re not going to toss WalletCare away in 6 months and start doing business differently. In fact, we’ve already been delivering WalletCare to our communities for over 78 years, and we don’t plan on changing that anytime soon.
Keep following the 3Rivers blog as we’ll be breaking down the WalletCare Promise and explaining how these four points can help you solve your money matters.
3Rivers Info page can help you find what you’re looking for.
Looking for 3Rivers routing number, print on demand brochures and forms, or helpful videos, like the one below, about our accounts? The 3Rivers website has an info section that can help you find what you’re looking for.
Many of the most requested forms and brochures are there, and we’re working to expand our video library. If you don’t find what you’re looking for, please let us know what we can add to better serve you.
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