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12 Myths About How to Get Out of Debt

As of December 2017, the Federal Reserve reports that Americans owe $1.021 trillion in outstanding credit card debt – more than ever – having the facts about how to get out of debt has become more important than ever before. The good news is getting out of debt does not have to be stressful, painful, or hard. Mostly, paying off debt requires focus, a changed perspective on spending, and the ability to separate the myths from the facts.

How to Get Out of Debt: 12 Common Misconceptions

1. I should cancel and close out my credit card accounts.

You must spend less to pay off debt. Most think closing cards will help. While this will certainly prevent new charges, it will not help your credit score. According to The Balance, well-aged accounts are one of the things that improve your credit score. If you cannot control your spending, destroy your cards or lock them away, but leave accounts open.

2. I need to pay off all of my debts before I can start saving. 

People often think they cannot start saving until they pay off their debt. Failing to save is a serious mistake. According to a study reported by MarketWatch, about 50% of Americans live paycheck to paycheck, meaning they have no savings or plan for unexpected expenses. Add your savings account to your list of bills, and pay yourself first (even if you can only afford a small amount each paycheck). If you have a costly emergency, you can pay with your savings rather than racking up more debt.

3. I keep track of my money and balance all of my accounts, so I do not need a budget.

Online banking and mobile apps have made it easy to monitor account balances. Even if you reconcile your accounts and never overdraw, you still need a monthly budget which allows you to set and follow a financial plan, get out of debt, save, and actually see how much of your money goes toward shoes, coffee, or evenings out. Create a quick budget and adjust it to fit the demands and aspirations of your ever-changing life.

4. It is okay to pay only the minimum payments on my credit cards.

No, paying the minimum required payment on bills will not hurt your credit, but it also will not help you get out of debt or save money in interest. Say you owe $5,000 on a 20% interest card. If you pay a minimum monthly payment of $100, it will cost you $5,840.10 in interest and take 109 months to pay off. If you swing $100 dollars more monthly, you would pay the card off after only 33 payments and $1,522.10 in interest. That’s more than $4,000 in saved interest – a substantial start to your emergency fund.

5. Late payments are okay, as long as they are not more than 30 days late.

A late payment fewer than 30 days will not appear on your credit report. These payments do not affect your score or history. Paying late, however, is bad for a couple of reasons. If you cut it close, it is easy to end up over 30 days, which risks damaging your credit history and incurring late fees. Also, when you pay late, you incur more interest because interest accrues on your full balance every single day. So, the sooner you pay down the principle balance on your accounts, the less daily interest you will be charged.

6. I should transfer my balance to a card with a lower interest rate.

Paying off one card with another is rarely a good idea – even if the new card promises a low introductory rate. The reason? Most cards charge a balance transfer fee. There is no cap on transfer fees, and most commonly they come in at a whopping three percent of the balance. That means a balance of $10,000 on one card instantly becomes $10,300 on another.

7. I have too much debt to ever pay it all.

Having several credit accounts and owing a lot can feel really overwhelming. First, the payments can be difficult to track. Second, several minimum payments can stretch your budget (you know, the one you made after reading number three). Don’t fret; consider a debt consolidation loan, which combines separate credit accounts into a single loan with one payment at a lower interest rate. Never miss a payment with automatic payments.

8. It is okay to make new charges after consolidating debt.

Although it can be tempting to use charge cards after consolidating debt, but remember you still have a loan to pay. Small charges add up quickly, and before you know it, will put you back where you started.

9. All debt is bad.

Loans that increase your net worth or lead to making money (like mortgages, student, or business loans) can be useful tools to getting ahead. When deciding to take on debt, consider how much the loan will cost and whether it will improve your financial position.

10. Retail credit offers are a good deal.

Retailers offer enticing credit promotions to make sales. If they were a good deal, then the retailers would not offer them. High fees and increased sticker prices typically offset the promises of zero interest and no down payments.

11. After my divorce is final, I will no longer be responsible for my ex’s accounts.

A divorce decree does not remove your name from joint accounts. You will have to deal with each creditor separately in order to have your name and responsibility removed from joint accounts.

12. I will never recover from my poor financial decisions. 

A history of collection accounts, late payments, or overspending will not drag you down for life. Sure, it will take time to pay everything off and re-establish a healthy credit history, but it’s worth it. When you decide to get out of debt, leave the heavy baggage behind and enter your future with a positive attitude.

Get a Fresh Start for a Fresh Outlook on Your Finances: Guidance on How to Get Out of Debt

Now that you have the facts, let us help you learn more about how to get out of debt. At Deer Valley Credit Union, we encourage our members to try our 15 Minute Fresh Start. Give us 15 minutes to look over your finances, and we will find a debt consolidation solution for you. We might be able to help you pay off your debt sooner, lower monthly payments, consolidate into a single payment, and even save you valuable dollars in interest. Start the rest of your financial life today.

Benefits of Using a HELOC for Debt Consolidation

Did you know the average household credit card debt in the United States is $5,000? When you add auto loans, miscellaneous debt, personal loans and mortgage debt to that number, you end up with just over $139,000 in average total household debt. If your debt looks a lot like the average American’s, trying to pay it off can get overwhelming—especially if you have high interest rates.

Fortunately, you may be able to pay off your debts quicker if you consolidate them into one balance using a home equity line of credit (HELOC). This will allow you to trade multiple high-interest payments for a single monthly payment with a lower interest rate. Here are the top benefits of using a HELOC for debt consolidation.

1. Interest Savings

Many types of debt, including credit cards, have high interest rates. In some cases, the interest rates are so high that your monthly payments only cover the interest and never pay down the principal. HELOCs have variable interest rates that may be lower than your current interest rates. Lower interest rates mean you’ll have an easier time paying down your principal balance and will end up paying less in interest over the life of your loan.

2. Tax Savings

Your mortgage interest is tax deductible, and your HELOC interest may be, too. In spite of newly-enacted tax deduction restrictions, the Internal Revenue Service (IRS) has stated that interest can still be deducted on HELOCs in some cases. Certain requirements must be met in order to qualify to deduct HELOC interest, so be sure to talk with your tax advisor about whether or not you can experience tax savings from your HELOC.

3. Fewer Monthly Payments

It’s a hassle to juggle minimum monthly payments on multiple debts. You know this firsthand if you’ve ever received a late fee because you forgot to make one of your many monthly payments. A HELOC allows you trade multiple payments for one single monthly payment. The easier, more convenient payment system can help you avoid hefty late fees.

Get Started

If you’re thinking about using a HELOC to consolidate your debt, please contact us by email or by phone: 602-375-7300 (800-579-5051 toll-free). We’ll help you run the numbers and make sure a HELOC can improve your financial situation before you apply. If you determine that a line of credit can help you pay down your total debt easier and quicker, we’ll be happy to walk you through the application process.

camping supply list, weekend getaway, camp, Easy weekend getaway, best items to have

Preparing for a Weekend Camping Trip in the Woods

If you’re looking for something fun and adventurous to do during summer vacation, camping can be an exciting and easy weekend getaway. In fact, camping can be as easy or a complicated as you want it to be. You can travel to a faraway locale, or stay as close to home as your own backyard. You can spend the night in a lodge with homelike amenities, or you can eschew home comforts entirely and rough it in a tent. No matter where or how you choose to camp, becoming one with nature as you gaze up at the stars is something that everyone should experience at least once in life.

While camping is a fun and memorable weekend getaway, it does take some planning beforehand. The further away from civilization you go, the more items you will need pack and the more planning ahead you will need to do to make sure you don’t leave behind anything essential. When it comes to packing for your trip, “essential” is really the key word. Concentrate on those things that you cannot make it through the weekend without. There are a few things that are not strictly necessary but help you to enjoy your trip, such as cameras, binoculars, and outdoor games, but bringing a lot of nonessential items will detract from the experience and take up a lot of room in your car. Remember, too, that anything you take with you, you need to bring back.

The best items to have on your camping supply list fall under five main categories: food, water, clothing, shelter and bedding, and safety.

Food

Part of the fun of camping is preparing your own meals outdoors, whether that be over a campfire, in a Dutch oven, or on a camp stove. However, when you’re thinking about what kinds of food to bring, there are two important ideas to keep in mind: preparation and preservation. The resources available to you to prepare meals in the woods are limited, so don’t bring anything that’s too difficult to prepare. While it may not be possible to avoid perishable foods altogether, keep foods that require refrigeration to a minimum and be prepared to store them at an appropriate temperature in an ice chest.

For meals and snacks, ideal camp foods are those that do not require refrigeration and are portable. Here are some examples of foods that travel well:

• Granola bars or breakfast bars
• Trail mix (also known as “gorp”)
• Fresh fruits with a reasonably long shelf life, such as apples, oranges, or pears
• Peanut butter
• Carrot sticks
• Juice boxes and bottled water
• Graham crackers, chocolate bars, and marshmallows (for s’mores, of course!)

If you’re planning to cook over a campfire, don’t forget the fire-building necessities. Pack things you need to start a fire, such as matches and lighter fluid, but don’t bring firewood from home, especially if you’re traveling a long distance. Wood that is chopped and bundled can contain hidden parasites that are harmful to local plant life. Many campgrounds, including private campgrounds as well as those in state parks, have firewood available for sale at a very reasonable price. Otherwise, you can find a firewood vendor close to where you’re camping.

Water

Most campgrounds will have drinking water available to you, but some may not. You need to find out beforehand, and if the campground doesn’t supply drinking water, you’ll need to bring along your own.

Even if the campground does provide drinking water, it’s usually not available right at your campsite. You usually need to fetch it yourself, which means you’ll need something to carry it in.

Remember, too, that water is not just for drinking. If you plan to make your own campfire, make sure you have a bucket of water handy for when it’s time to put the fire out.

Clothing

Packing clothing for a weekend camping trip can be a bit tricky. You want to dress appropriately for conditions without bringing too much. Plan your outfits around the principle of dressing in layers so you can add or remove items as necessary. Here are some ideas on what to pack:

• At least one long-sleeved sweatshirt or jacket
• T-shirts, shorts, and long pants
• Pajamas, preferably made of a moisture-wicking material
• Boots or closed-toe shoes
• Socks
• Rain poncho
• Undergarments, possibly including long underwear (which can also double as sleepwear)

Shelter and Bedding

A tent is probably the most primitive type of sleep shelter available, although some expensive, high-end tents have multiple rooms and more creature comforts than you might expect. Most tents are rather simple, and that’s just the way some campers like it. However, there are some extra accessories you can bring to make your tent more comfortable:

• Ground cover (also known as a tent foot print)
• Canopy or tarp
• Sleeping pads or inflatable mattresses

Make sure your tent is large enough to accommodate everyone in your party.

If you’ll be staying in a lodge or a cabin, or if you bring a trailer camper or RV, the shelter part is taken care of, but you’ll still need to think about bedding, which is usually not provided in cabins or lodges. Traditionally, this means a sleeping bag. If you’re staying somewhere that provides beds, or if you’re sleeping on air mattresses, you can also use ordinary blankets and sheets, but sleeping bags are easier to pack up and carry around, and they also add to the fun and novelty of camping.

Safety

As fun as camping can be, there are hazards involved as well, and it is best to be prepared for them. Never leave for a camping trip without a well-stocked first aid kit. You can buy a first aid kit or make your own; the American Red Cross provides a list of what you need. Always bring along sunscreen of at least SPF 30 and insect repellent; use each every day. A flashlight or lantern is essential for nighttime after the campfire is put out. Never make a campfire without at least a bucket of water nearby, and if you have a portable fire extinguisher, keep that handy as well.

These are just some ideas on what you can bring to make the most of your weekend camping trip. You can customize the list according to your situation and preferences. Have fun, and happy trails!

Dorm room, freshman year, college life

Assemble the Ultimate College Essentials Pack

Students throughout the country look forward to beginning college and moving into their dorms. This exciting transition can be packed with challenges, but you can make it go smoother with an advance list of what to bring. From making a dorm room your own to preparing for class, the right supplies can make your freshman year better on every level.

Before You Start

Many people make the mistake of just throwing everything they think they might like onto a gigantic, out-of-control wish list. You can trim your list by considering the following:

• Your living space: Colleges provide dorm living in a variety of styles. Yours may come with a kitchen or not. Some colleges provide specific equipment and items, while others do not. Checking out the climate will let you know whether you will need, for instance, extremely warm bedding.
• Your roommates: With some items, you may only need one per room or suite. Coordinating with others who will share your space can help you avoid bringing unnecessary stuff.
• School rules: Your college may have rules about items that use electricity or may pose a potential fire hazard. Read up on the rules so you don’t end up having to dispose of an item you can’t use.

Plus, if you’re like most people, your budget is not unlimited. Split up your list into needs and wants, prioritizing the most important items. Doing this in advance will give you more time to shop around for bargains on the more expensive products on your list.

For Your Dorm Room

Not only can a good night’s sleep make a huge difference in how you feel, but it is also the key to doing well academically. A comfortable bed can go a long way to help you achieve the restful sleep you need. Start with these bedding items:

• Sheet set: Bring at least two; more if you want to have a backup for those times when you get behind on laundry. Find out the dimensions of the bed (typical college dorm beds run to a twin extra-long) to get the right fit. For cold climates, you may want to invest in a set of flannel sheets for fall and winter.
• Pillow: A high-quality pillow that suits your sleeping style is a must.
• Comforter/Blanket: Look for lightweight, easy-to-wash materials that provide the warmth you need.

You may also want:

• Ear plugs
• Sleep mask
• Mattress pad

Laundry

For most people, laundry will never top the list of fun college life activities. You can, however, make it easier on yourself with proper supplies:

• Hamper: Space in a college dorm room is typically limited, so look for a space-saving, lightweight design. A mesh hamper with carrying straps helps you transport your load to the laundry room.
• Detergent: A concentrated bulk package lasts longer.
• Extras: Depending on your needs, small items such as stain remover and dryer sheets can keep your clothing in better condition.

Organization

Health experts point to several benefits of keeping your environment organized, including better health and reduced stress. Freshman year can be tough enough, so pick up some effective organizational solutions to cut down on stress and wasted time.

Start by determining what you actually need to organize. If you plan on bringing two pairs of shoes, you don’t need an over-the-door shoe organizer. This item, however, can be a great space-saver if you have many pairs of shoes or other small items you can sort into the pockets. The following list of supplies can help you save space and locate your stuff quickly:

• Over-the-door hanging rack
• Storage bags, drawers or boxes that fit under the bed
• Bed lifts that maximize under-the-bed space
• Hanging cubbies
• Drawer and shelf dividers

Decoration

Putting some thought into the basic items you get for your room can make it into a comfortable space to retreat to at the end of the day. Alarm clocks, lamps calendars and dry erase boards are all useful items that come in a variety of styles. Taking the extra time to find colors and themes that appeal to you is a good way to enhance your dorm room.

Posters are a traditional mainstay of a college dorm. Selecting an assortment that expresses your unique interests and personality can make you feel more at home in your new environment. Be sure to get poster-hanging supplies that showcase your posters and do not damage the walls.

Bathroom and Cleaning

Whether your shower supplies consist of two bottles and a washcloth or of an extensive array of products, get a caddy that fits everything you need to carry your stuff from your room to the showers. Here is a list of basic bath products you may need:

• Shampoo and conditioner
• Soap or shower gel
• Face cleaner
• Washcloth or sponge
• Hair brush or comb
• Nail care
• Towels

Plus, you may need additional hair styling products, a shaving kit or makeup. Shower slippers are also an essential when you use a communal bathroom.

Kitchen

Find out if your suite or floor has a dedicated kitchen and whether your school provides items such as cookware, a fridge or a microwave. If there is no kitchen, you may want to keep a microwave or coffeemaker in your room or in the common area. Some kitchen essentials to consider include:

• Dishes
• Silverware
• Water bottle
• Cooking knife
• Mug
• Electric kettle
• Coffeemaker
• Microwave
• Toaster
• Mini fridge

Tech

Every year brings new exciting tech developments. Some tech has transitioned into basic essentials you cannot do without, while other remains an optional yet significant enhancement to your freshman year.

You will definitely need:

• Laptop with up-to-date specs
• Flash drive
• Cables
• Power source
• Power strip
• Phone charging cables
• Portable phone charger
• Headphones

You may also like:

• Wireless speakers
• TV stick
• Tablet

Wearable tech is also continuing to grow in popularity, with a variety of options and price ranges available. Whether you want the latest smartwatch or a dedicated fitness tracker, figuring out how you will use your tech can help guide you to the product that fits best.

Let Us Help

A credit card with competitive terms can go along way towards helping you get equipped for the coming year. To learn more about the options Deer Valley Credit Union can offer, contact us online or give us a call at (800) 579-5051.