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Did You Overspend on Back-to-School Shopping? We Can Help.

Did You Overspend on Back-to-School Shopping? We Can Help.

If you're like a lot of parents, the back-to-school shopping got away from you, and you overspent. Teachers' classroom lists are increasingly long as they ask for help with Clorox wipes, paper towels and Kleenex in addition to the traditional supplies - and of course, you want to help! To top that off you spent a bit too much for a special folder and a couple of dollars extra for the "nice" pencils. It didn't seem like much at the time, but the cost of school supplies added up quickly.

You bought new clothes and shoes, too. Even if you shopped smart by checking out the sale racks, chances are you still spent more than you planned to. If back-to-school shopping overextended your budget and you swiped your credit card more than you care to admit, there’s a way we can help. Simply take advantage of a balance transfer to your Gulf Winds Visa.

What is a Balance Transfer?

A balance transfer allows you to move your debt from one credit card or account to another. Essentially, a balance transfer will enable you to take advantage of better opportunities that may be available to you now that weren't before. Maybe your credit score increased, allowing you the opportunity to get a lower interest rate, or a financial institution is running a special with no interest for six months.

Why Transfer my Debt from One Card to Another?

When you have a revolving balance on a credit card with a high-interest rate, you're paying more each month in interest. For example: if your minimum payment is $50, but $20 goes to interest, then only $30 of your payment is going to pay for what you spent. 

If you’re making the minimum payment month-after-month and can’t pay the balance off, then you’re spending much more on your purchases than you may realize. By transferring your balance to a credit card with a lower interest rate, more of your monthly payment will go toward decreasing your overall balance.

How can Gulf Winds help?

As a credit union, we return profits to our members through fewer fees and lower interest rates. Since we aren't trying to make money on your accounts to pay shareholders, we don't charge as much as big banks do.

We have several options available depending on what your needs are, and all of our cards boast a lower interest rate than what many other cards offer. A difference of 10-15% may not seem like much, but those dollars can add up quickly. You can apply online here or give us a call if you have any questions about how a balance transfer works.

Additional Tips:

Prioritize paying down your credit card balance. Not only does a high balance mean that you’re paying more in interest each month, but it can also negatively affect your credit score.

Cut back temporarily. Most budgets are finite since employees are salaried or not allowed overtime. If you can’t work more to make up for the extra spending, it’s time to start cutting back. Take your lunch from home for a month or skip your morning coffee run to save a little extra.

Don’t continue the trend of overspending. It’s OK to splurge once in a while – and back-to-school is a great excuse! Just don’t make it a habit that will snowball over time and become more than you can handle.


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