I NEED HELP REARRANGING MY DEBT. HOW CAN THE JTA CREDIT UNION HELP ME?

If you have multiple loans and are faced with two or more loan payments per month you may find that it is becoming increasingly difficult to cope with the rising costs of living. Now there is hope for you! No, you don’t have to file for bankruptcy, but you can CONSOLIDATE!

Consolidation is simply combining all your loans into one loan and ultimately, only one low monthly payment. How is this possible? Easy, by consolidating, you have stretched out your loan payments over a longer repayment term and this makes the payments significantly less.

You should bear in mind however, that in the long run, you may be paying more because the longer you pay, the more interest you will end up paying. But in the short run you will increase your disposable income and this will give you well needed breathing space with your finances!

The JTA Co-operative Credit Union currently is currently offering the Income Maximizer Loan Package to our members who need some breathing space.

This package offers you peace of mind at a significantly lower interest rate than what is being offered in the market. If you do not have any kind of security, don’t worry, you can apply for the unsecured component of this package today.

Speak to a representative at any of our branches island wide or check the products and services section on this site for more information.

HOW TO INVEST

Here are a few key points to consider when investing.

Safety – is the entity in which I am investing safe, is it reputable? How are they re-investing my money?

Interest Rate – what interest are they paying, how is it applied and how often is it calculated. The more often interest is applied the faster your investment will grow.

Withholding Tax – will my earnings be subject to income tax? Unless the instrument is a five (5) year tax free instrument, your interest earnings will certainly be taxed. With tax free instruments, you may not withdraw the principal (the amount invested) or more than 75% of interest accrued until the end of the five year period.

Risk Level – how much risk am I willing to take? Investment instruments can be high medium or low risk. Always remember, the lower the risk the lower the reward (interest earnings in this case) and the higher the risk the sweeter the rewards!

HOW TO ‘BE SURE’ WHEN BORROWING

Don’t be fooled by low interest rates or quick turn around times!

When borrowing:

BE SURE that the interest rate being offered on the loan is fixed on not variable. This means that it cannot change over time.

BE SURE that your interest is calculated on the reducing balance. This means that your monthly repayment gets lower as you go along.

BE SURE to check out all the fees you have to pay to get this loan

BE SURE to know what the penalties are for late or non payment of loans

BE SURE to find out if your loan is insured. This means if you die or become permanently disabled, you loan does not become the burden of your family members.

DID YOU KNOW…..?

That at the JTA Credit Union, fees for loans are often non existent!

That your loans at the JTA Credit Union are insured and if you become permanently disabled or die, your debt is cancelled!

Talk to a representative today and let us help you to BORROW SMART!!