Ways to Reduce your Monthly Payments

To view Home Equity Loan Information
To view Home Equity Lines of Credit Information
To view information on Refinancing a Car

The following is an example of member who has used her home equity and good credit to help her through a tough economic time. Her husband has been laid off and they need to cut their monthly expenses.

Examples:

Saving money with a Home Equity Loan :

Susie and her husband have $30,000.00 in credit cards that they pay every month. They pay on average 15% interest and her monthly payments for all these bills is around $1,500.00 a month.

She has tapped into the $45,000.00 equity in her home and took out a $30,000.00 loan to pay off these bills.

She now pays 6.25% and has spread her payments out over 15 years. Her monthly payment now is about $258.00 that is a savings each month of $1243.00.

Saving money with a Car Refinance:

Susie's car is a fairly new car (2004 sedan). She owes about $5000.00 and her monthly payments are around $340.00 for the next 13 months. She refinanced her loan and got a 4 year loan at 4.89% and her payments are now $115.00. That is a monthly savings of $235.00

Susie can breathe a little better knowing that she has an extra $1500.00 a month to help she and her family make it through until they can get back on thier feet. 

She also knows she took advantage of very low loan rates and knows that she will have a set date that all of her bills will be paid off.

The above story is an example. Rates and terms may vary depending on individual circumstance and member credit.

More tips to help you save money

• Pay your bills online. Instead of buying envelopes and stamps, set up your online banking for paying bills. This could save you on the average around $75.60 yearly.
• Use coupons at the checkout.
• Avoid name brands when possible.
• Do large loads of laundry. It only wastes laundry detergent and money on electricity from running the washer and dryer unnecessarily. And, don't use more laundry detergent than necessary.
• Put up a clothes line. Even if you do not want to hang out your clothes, it is great for linens. Your sheets turn out nice and fresh and towels dried on the line tend to absorb more.
• Turn your hot water heater down. According to the Department of Energy, water heating can account for 14% to 25% of the energy consumed in your home. Lower your hot water heater settings to 115 degrees or 120 degrees Fahrenheit.
• Change your light bulbs. Use the new energy saving fluorescent light bulbs. When you look at the price you may step back for a second, but using all of these recommendations has cut my electrical bill in half.
• Check you cell phone bill - is there anything else that you can cut out?
• Review insurance for home, auto etc.
• Eat before you shop! This may not sound very helpful; but it works! Shopping while hungry always makes you buy more junk food and spur-of-the-moment items.
• Watch your electric bill. At night, turn down your home thermostat 1 to 5 degrees lower than your daytime setting. Sleep in extra clothing and add extra blankets to your beds. Keep doors closed to the rooms you don't use regularly during the day.
• Make a budget and stick to it!

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Lassen County Federal Credit Union • 2605 Riverside Dr. • Susanville, Ca 96130
Tel: (530) 257-7736 • Fax: (530) 257-9042