The article below is sponsored by Univest Bank and Trust Co. To read about the many services offered by Univest, please click on the following link: www.univest.net.
10 Tips to Get Financially Fit
By: Jeffrey Heilakka,Assistant Vice President,Small Business Development Manager, Univest Bank and Trust Co.
Do you ever feel like you are running on a financial treadmill, exerting effort yet seemingly getting nowhere? Here are ten tips to stay in great financial shape:
1. Examine your credit report at least annually. You can obtain this free at: www.annualcreditreport.com.
2. Track your spending. Knowing exactly where you are spending will help you get control of your finances.
3. Build and maintain good credit. This can help you with major purchases, emergencies and securing employment.
4. Beware of the temptations of having too much credit. Overspending and excess debt can damage your credit history and cost you fees and interest.
5. When considering a loan, discuss your options with a banking professional to determine which product is appropriate. The purposes of term loans and lines of credit are different.
6. Be wary of sales contracts that offer no interest and/or no payments for months or years. If you don’t pay them in full by the expiration date, you will owe interest back to day one
7. Always pay your bills early or on time and be sure to pay the minimum amount due or more each month.
8. Recognize the signs of being in credit trouble such as paying late, lack of savings, bouncing checks and maxing out multiple credit cards.
9. If you are having difficulty keeping up with your credit payments, communicate with your bank or lender. Often they will work with you to create a plan.
10. Use your great credit to your advantage – enjoy increased credit approval, attractive interest rates, higher credit limits and more negotiating power.
Univest Bank and Trust Co. is Member FDIC and an Equal Opportunity Lender
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