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If you’ve built up some equity in your home, you might be thinking about tapping into the cash to fund renovations and anything else you have on your plate. You might also be wondering how a home equity line of credit works.

A home equity line of credit from TEG Federal Credit Union gives you a handy source of credit to use however you want, whenever you want. 

The best part is, you only pay interest when you use the funds and you get to choose how much you pay back each month, just like for a credit card. Read …

You’ve probably heard it on the news – the Federal Reserve will raise interest rates this year to help slow inflation. According to many economists, we could see up to six or seven rate hikes in 2022.

But what does this mean for you? Will you still be able to borrow money when you need it? And how can you prepare your finances so that you’re not paying too much interest on an existing credit card? We’ll explain all of these things and more now.

The Basics of Interest Rate Hikes

While they may sound alarming, interest rate hikes play …

When many find themselves in financial binds and need quick cash, they often turn to payday loans. These loans are quick and easy to obtain, and the funds are usually available the same day you apply.

Although payday loans are convenient, they have some important negatives to consider. A personal loan from TEG Federal Credit Union, in comparison, may be a better choice. 

The following is an overview of payday loans vs. personal loans to help you weigh the pros and cons of both financing options so you can make an informed borrowing decision.

How Do Personal Loans Work?

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A personal loan is a great choice if you need to borrow some money to pay for a home repair, buy a new appliance, or consolidate high-interest credit card debt. Qualifying is relatively easy, and there are few or no restrictions on what you can do with the money you borrow. But did you realize there are several different types of personal loans to choose from? If you are considering applying for a personal loan, the following is an overview of your options to help you decide which type of personal loan is best for your needs.

1. Personal Loan

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Debt consolidation is a popular strategy that many use to combine several high-interest debts into a new loan with a much lower interest rate. In addition to helping you save money on interest, debt consolidation can also make your debt easier to manage. Instead of having several monthly payments to worry about, you will only have one payment.

Although there are several benefits to consider, something you may not know about is how debt consolidation and credit score are related, both working hand in hand to improve your financial health. This is an important consideration for obtaining future loans and …

Trying to keep up with multiple debt payments can be a big headache. Each debt will have its own monthly due date, and some debts will have higher interest rates than others. To simplify their lives, many people consolidate their debt so they only have to deal with one monthly payment.

But, is consolidating debt a good idea?

To answer that question, we’ll take a look at how debt consolidation works and explore several important benefits. 

How Does Debt Consolidation Work?

Debt consolidation is when you acquire a loan to pay off two or more existing debts. After obtaining a …

Personal loans are among the most common and versatile loans that people apply for. They can be used for many different purposes, interest rates are fixed, and they can be obtained without collateral. Also, if you are approved for a personal loan, funds are usually disbursed quickly so you won’t have to wait long.

If you are considering applying, the following is an overview of the personal loan requirements you will need to meet to qualify and the steps for applying.

Personal Loan Requirements

Although each lender will have its own criteria for approving personal loans, there are some common …

Carrying a lot of debt can really hold you back in life. If you try to apply for a mortgage, for example, you may be denied if you already have an expensive car payment, a student loan, and significant credit card debt. Being deep in debt isn’t just an inconvenience—it can keep you from realizing your dreams.

If you’ve been thinking about breaking free from the chains of debt, the following are five debt payoff strategies that work. It takes time and dedication to reduce or eliminate debt, but the reward is worth the effort. 

1. Debt Snowball Method

The …

Many people have an occasional need to borrow money to use for unexpected car repairs, medical treatment, home remodeling projects, or something else. To fund these expenses, they often turn to credit cards, which have high-interest rates.

Although credit cards are convenient, there is a better way to borrow money for expensive purchases. You can take out a personal loan instead. The following is an overview of how these loans work and a few examples of what personal loans can be used for.

How Do Personal Loans Work?

Personal loans are highly flexible loans issued by banks and credit unions. …