To Pay Down Debt, First You Have to Save

When you want to pay off debt fast, that impulse often means depleting your savings. So how do you pay off debt AND save money?

Mathematically, based on the interest rates of your loans versus your savings account (or other savings products), your debt is likely costing you more money every month than your savings is earning you. Thus, looking simply at the highest net impact of your dollar, it would make sense to use extra income to pay off debt rather than save the money.

But this strategy usually results in more debt. Crazy, right? But think about it. If you’re taking all your spare dollars and diverting them to your credit card or other loans, completely neglecting your savings account, what will you do when an emergency comes along, things like car repairs, vet bills, etc.?

Life happens, and since you don’t have a savings account, you’ll probably have to slap these expenses onto your credit card. You know, the one you’ve been working so hard to pay off?

Here’s how to get out of this cycle.
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If credit card payments are eating up your disposable income each month, or if you need cash to remodel your kitchen–or to buy a new car– or finance any major item –a home equity line of credit (HELOC) might be your best bet. And right now, MCFCU is offering a No closing costs or Annual Fee HELOC, making this financing option even more attractive.
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We’re Hiring! Part time tellers

Join our family! Madison County Federal Credit Union is currently seeking a part time teller stationed at our Elwood office and a part time travel teller.

The successful candidate will have a winning attitude along with a willingness to serve our members in a friendly, professional manner.

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membership eligibility…

Membership in Madison County Federal Credit Union is now easier than ever! If you live, work, attend school, worship, or volunteer in Madison County you meet our new eligibility requirements. Our new, less restrictive Field of Membership allows us to offer the benefits of credit union membership to all of our friends and neighbors in Madison County

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