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How Should I Fund My Holiday Shopping?
How Should I Fund My Holiday Shopping?11/29/2018

2 women peeking into store window with holiday decorationsQ: Help! I’m fretting over holiday expenses. How am I going to pay for all this stuff?

A: Relax! You can keep your budget and your sanity, too! Take a few minutes to learn how you can spend responsibly this season.

Let’s explore some options:

1.) Credit cards with a low intro rate!

If you can open a credit card with an introductory no-interest period, you can borrow the money to fund those purchases without paying a penny of interest. MCCU is offering a Visa® Platinum Credit Card1 that has a low intro rate. Call or visit us to apply as you can only get this special offer when we submit your application for you!

Nice: This option can be ideal if you have an excellent credit score and concrete plans to pay back the bill quickly.

Naughty: Don’t go this route if you have a poor track record for paying credit card bills. You might end up carrying that balance well after the grace period ends and then getting hit with really high interest rates.

2.) Personal loans

Anytime you need a pile of dough, you can apply for a personal loan. Our representatives are always happy to help you or you can apply online now!

Nice: Our personal loans have low interest rates, which make the payback plan affordable for almost any budget.

Naughty: If you’re already carrying a load of debt and unpaid loans, don’t take out another one just to get you through the holidays.

3.) Skip-a-Payment

At MCCU, we offer you our own gift this time of year: the option to skip a monthly consumer loan payment to give you that extra cash flow.

Nice: When you choose Skip-a-Payment, you can pay for those presents without adding to your current debt. No high-interest bills to haunt you!

Naughty: Every Skip-a-Payment makes the loan’s term one month longer.

5.) Deferred-interest financing

If you’re considering several large purchases at big-box stores, consider signing up for the retailers’ deferred-interest financing. Many chain stores offer customers this interest-free financing option so they can walk out with their purchase today, and pay for it tomorrow.

Nice: Deferred-interest financing works just like an interest-free line of credit, only it’s exclusive to the store selling it. If you don’t like the idea of opening another credit card, but you need that interest-free option, this can be the perfect solution for you.

Naughty: If you neglect to pay off your bill before the interest-free period expires, you’ll be slapped with sky-high interest fees.


1The creditor and issuer of these cards is Elan Financial Services, pursuant to a license from Visa U.S.A. Inc.

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