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Money Talk - Download Now PDF


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									                                                    Money Talk        PUBLISHED BY
                                                        Kingsport Press Credit Union
                       528 W. CENTER STREET
                       KINGSPORT, TN 37660-3660

                                               AUGUST 2007

                                    Used Wheels Might Be Best Deals
  Kingsport Office
                                Buying a used car is a financially smart thing to do, experts
528 West Center Street
                                say—even for people who have the cash to buy whatever
 Kingsport, TN 37660            kind of car they want. One of the biggest advantages of
    (423) 378-9292              buying a used car is that you won’t suffer the depreciation
   1-800-748-9978               that wallops new car buyers. Even one-year-old used cars
                                are 20% to 30% cheaper than new cars.

 Church Hill Office             Other good reasons to buy a used car include:
  755 Highway 11-W                  1   Used cars are more reliable and safer today than
  Silver Lake Center                    ever before;
 Church Hill, TN 37642              2   You may be able to buy more “car” if you buy used. You may not be able to
   (423) 357-4962                       afford a new SUV (sports utility vehicle), but a used one could be more in
                                        your price range;
                                    3   Many auto manufacturers are offering extended warranties on new cars,
                                        which means a used car still could be under warranty;
  Rogersville Office                4   More manufacturers are selling certified used cars that include warranties;
      United Branch                 5   You easily can trace the history of a used car using the Vehicle Identification
111 W. McKinney Avenue                  Number (VIN);
         Suite A                    6   We offer used-car loans at low rates
 Rogersville, TN 37857
     (423) 272-8299                                Financing used cars has never been easier.

                                            Call or talk with one of our helpful Loan Officers today!

                                                        Tap Your Home’s Equity
                              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—a home equity line of credit
                              (HELOC) might be your best bet.

                              These loans let you borrow money using the equity in your home as collateral. Unlike
                              almost any other consumer loan type, the interest on a HELOC of $100,000 or less is
                              likely to be tax deductible.

 A HELOC is much like a credit card or any other type of open-ended credit. You can borrow money as needed, up
 to the credit limit your lender assigns. A HELOC is usually a variable-rate loan, so your monthly payments will
 change based on your outstanding balance and fluctuations in the prime rate.

 Lenders sometimes will waive the closing costs or roll them into the amount borrowed. With a HELOC, once you
 establish your line of credit, you can borrow multiple times with no additional closing costs.

 Kingsport Press Credit Union has one of the best home equity programs available with low rates, no fees, and
 flexible terms.

                                               Tap your equity today!
                             Be Smart About Credit Cards
The TV program guests told appalling stories. “I            interest, you won’t pay off the balance for
owe more than $26,000 on my credit cards,” one              nearly 16 years, and you’ll pay $3,328 in
said defiantly. Another, confessing that he liked to        interest charges.
treat friends to expensive dinners out, admitted,       2   If you can’t keep up with one credit card, it’s
“I’ve trashed my credit rating.” And another,               foolhardy to add more. More cards do not
insisting she could manage her bills, said she’s            mean more money coming in-they mean
                                                            more going out, and for a much longer time.
                                                        3   If you’re in credit trouble now, call 800-388-
                                                            2227 to find a nonprofit affiliate of the National
                                                            Foundation for Consumer Credit. This
                                                            organization helps debtors get a handle on
                                                            their bills and repair their credit while also
                                                            meeting their obligations.

                                                        When you and your parents agree that you’re
                                                        ready to handle a credit card, talk to Kingsport
                                                        Press Credit Union. Our credit card carries a low
                                                        interest rate and a credit limit that gives you the
                                                        convenience you need without putting you in a
                                                        lifetime of credit jeopardy.

charged a staggering $50,000 on 11 different credit
card charge accounts.

And the biggest jolt of all? These guests on TV’s               Click on Friendship Online
Oprah show all are college students in their late
teens and early 20s. Two of them already have
                                                              Your Credit Union has come a long
declared bankruptcy. Many of the student guests
                                                                 way over the last few years! Visit
said they’d first gotten a credit card at the sign-up
                                                            kpcu.org and click on Friendship Online
tables at college registration areas. One young
                                                            to try out the many convenient services
man, a student who’d worked registration as a
                                                                 you can access on the Internet!
recruiter for a national card company, said,
“[students] are the bait, and we’re the sharks.” He
                                                            1   Check ACCOUNT BALANCES
explained that he earned points for each student
                                                            2   Make TRANSFERS
he signed up. He said that the employer used
                                                            3   Review ACCOUNT HISTORIES
students to appeal to other students, sort of like
                                                            4   Receive your STATEMENT online
“I’m a student, too, and I wouldn’t give you anything
                                                            5   And MUCH MORE!
bad, would I?” He rolled his eyes as is to say,
“Yeah. Right. “
                                                                  Click on Friendship Bill Pay
All the participants said they’d learned some hard
                                                               Where else can you pay your bills
facts about using credit cards:
                                                               with no stamps, no envelopes, and
 1 Be realistic about your expenditures. If you’re
                                                               no fee? Click on Friendship Bill Pay
      covering routine expenses with credit, you’re
                                                              and you’ll never pay your bills the old
      living beyond your means-period.
                                                                      fashioned way again!
 2 Understand the trap of minimum monthly
      payment. If you make a minimum payment-
      say the lesser of 2% of the balance or $25—
      on a $2,000 credit card balance, paying 18%

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