INDIANAPOLIS — One credit union has been handing out financial advice, with a spooky twist.
Everwise Credit union is taking a “trick or treat” approach to educating its members as Halloween arrives, WISHTV.com reported.
Everwise CU Area Manager Adam Young told WISHTV.com the CU is telling consumers about the troublesome “tricks” that can trip people up financially, and then is sharing the “treats” to resolve the issues.
Young explained how the credit union is educating consumers as Halloween arrives:
TRICK
Vampire subscriptions – recurring charges forgotten about that continue to drain accounts every month.
TREAT
- Review bank and credit card statements
- Identify any subscriptions that are not used and cancel them
- Apps can help detect and cancel forgotten subscriptions automatically
TRICK
Monster debt – a financial burden that, like a monster, grows bigger and scarier each month.
TREAT
- Focus on the smallest balances first
- Consider consolidating debt into one loan
- Make automatic payments to stay on track
“It’s something that we need to kind of use in our life to get things that we truly need, particularly housing, maybe a car, maybe that big expense that kind of hits you,” Young told WISHTV.com. “But when you look at it in a full picture, it’s a little bit scary.”
TRICK
The ghosts of overspending – buying on high-interest credit cards that can haunt your finances with lingering debt.
TREAT
- Only charge what can be paid off each month
- Set a spending limit that matches a budget
- Set up automatic payments to avoid late fees and interest
“I’ll look at it as, you’re buying those treats for Halloween coming up, and you go and buy the fancy candy bars and you swipe that card,” Young said. “And if you’re not paying that card off each month, well, you’re going to end up paying a lot more for that as you’re paying interest at high rates.”
TRICK
Vanishing income – unexpected expenses that can make income vanish.
TREAT
- Create an emergency fund with 3-6 months of living expenses in a savings account
- Start small with automatic transfers each month
- A cushion provides peace of mind
“It kind of gives you a little preparedness, right? You save a little bit and you have it there in the event that something crazy does come along the line,” Young said.