Are You Ready to Say Goodbye to Debt?

15DebtHelpIf you find yourself stressing over how to pay bills every month, you’re not alone. NerdWallet reports the average U.S. household has a credit card balance of $15,706. The good news? Help is available for individuals who are ready to say good-bye to debt. Here are resources to help you start your journey to a debt-free lifestyle. The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

Contact Your Creditors

Once you have determined you are unable to pay your bills, contacting creditors to explain your situation can help. Some creditors may be willing to work with you on repayment terms based on your situation. The Federal Trade Commission is a good resource for information on how to eliminate debt on your own. The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

Financial Counseling Organizations

Trying to tackle a mountain of debt on your own can be confusing and intimidating. That’s why many people turn to financial counseling organizations for help in eliminating overwhelming monthly bills. A financial counseling agency can offer resources you may not have access to on your own. The National Foundation for Credit Counseling offers advice on selecting the right financial counseling organization. The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

Contact Your Mortgage Lender

If you are unable to make mortgage payments, it is important to contact your mortgage lender as soon as possible. A loan professional will meet with you to discuss your options. If you have a Capitol Federal® home loan and would like to speak with one of our loan professionals, click here.

Bankruptcy

Declaring bankruptcy can carry serious consequences and have lasting effects on your credit. However, for some individuals it is the only option for eliminating debt. The Federal Trade Commission provides a summary of information you should know if you’re considering filing for bankruptcy. The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

What resources have helped you eliminate debt? Share them here!

Holiday Shopping Tips to Save Money

15HolidayShoppingAutumn just arrived, so it may seem too early to start your holiday shopping. The truth is, it’s never too early to start shopping for gifts! The earlier you start, the more money you’ll save. We’ve rounded up some tips to help you get started on your holiday shopping game plan:

  1. Make a List (and check it twice)
    Don’t find yourself scrambling to buy gifts at the last minute. List out everyone you want to buy for this year and any early gift ideas you may have for each person. A list will help you prioritize gift giving, especially if you find yourself having to trim your spending.
  2. Plan a Budget
    Decide how much you can afford to spend on gifts before you start your holiday shopping. Try to estimate how much you spent last year. Was it too much or did you have extra money left over? Use that information to plan how much you can spend on each gift.
  3. Set Aside Money
    Separate the money you are saving for holiday gifts from your general funds so you won’t be tempted to dip into it for other purchases. Consider opening a separate savings account for the holidays and use direct deposit or automatic transfers to put a little of each paycheck into the account. Reloadable prepaid debit cards or gift cards are also good options for setting aside holiday money.
  4. Begin Buying Gifts Early to Spread Out Expenses
    Purchasing gifts for everyone on your list all at once can really put a strain on your wallet. By starting your holiday shopping now, you can spread expenses out over several months. Fall is also a great time to catch sales on late summer items that may make good gifts. Don’t forget about layaway options, allowing you to make payments on items over a specific period of time.
  5. Sign up for Store Email Lists
    As the holidays approach, many stores will email sales and specials to entice shoppers. Sign up to receive info from your favorite stores to be sure you don’t miss a coupon or bargain that can help you snag the perfect present!

Do you have more tips for saving money on holiday shopping? Share them here!

The Benefits of Working with a Local Mortgage Lender

15LocalMortgageLendersOnce you’ve decided the time is right to buy a new home, you’ll need to choose a mortgage lender. From local banks to large, national financial institutions, you have a variety of options to consider. From knowledge about local markets to customer service, choosing a local mortgage lender has its benefits.

One-on-one customer service

If you’re a first time homebuyer, it’s natural to have a lot of questions during the mortgage process. Emails and phone calls are convenient, but sometimes nothing quite compares to being able to sit down with your mortgage loan originator and have a face-to-face conversation. A local mortgage lender can give the personal touch.

Pre-approval

Receiving a strong pre-approval from a local mortgage lender allows you to house hunt with confidence. You know exactly the amount you can afford, helping you narrow the search for your perfect home. Plus, it makes the rest of the paperwork easier at closing.

A part of the community

It can be reassuring to know your mortgage lender is based and involved in your community. More than large, out-of-state banks, local lenders have the knowledge you desire when seeking the neighborhood you want for your family.

 Local loan servicing

It can be frustrating to work with a bank on obtaining a mortgage only to discover a couple months later your mortgage has been sold and a new bank is now servicing your loan. With a local mortgage lender, like Capitol Federal®, loans are kept within the bank’s own portfolio. This means you have the same company servicing your loan for the entire mortgage lifetime.

Have questions about the home buying process or unsure where to start? Check out Capitol Federal’s Move to Home Ownership Guide or contact one of our loan professionals today. Capitol Federal® is an Equal Housing Lender.

Why did you choose a local mortgage lender for your new home? Tell us here!