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    Common Reasons Why Individuals Fall Into Credit Card Debt

    Last updated 7 months ago

    Many people discover the hard way that credit card debt is easy to get into and hard to get out of. It may seem like a convenience to pay for purchases with a credit card and worry about the payments later, but that approach can lead to financial hardship in a hurry. If you’re facing credit card debt, it’s important to talk to your credit union and make a manageable plan for repayment. Here are some of the ways people go wrong with plastic:

    Not Paying in Full Each Month
    If you carry a monthly balance on your credit card, chances are you’re charging too much money. Although in some cases credit cards can be used to finance large purchases, like furniture, most people should be paying off their cards each month. A large component of your credit score is your debt-to-credit ratio—how much debt you carry on a credit card versus your credit limit. The closer to maxed out the card is, the worse the impact on your credit score. Financial experts believe that a high debt-to-credit ratio is a sign that a person is living beyond their means.

    Spending on the Wrong Things
    Credit cards are best used for needs, not wants. People who struggle with credit card debt often use their cards for expensive meals and shopping expeditions, not necessary purchases, like car repairs. Seeing credit as a way to afford things you don’t have money for in your checking account is an easy way to slide into debt.

    Paying Bills Late
    Late fees on credit cards can add up in a hurry. The same goes for over-the-limit fees. If you pay late or go over your limit, your interest rate could also skyrocket. Your debt could increase by hundreds of dollars with just a few missteps.

    At GCS Credit Union, we’re here to help you make smart decisions about managing your money. Talk to one of our credit union experts if you’re struggling with debt. We offer checking accounts, debit cards, and much more to help you take control financially. Find out more about our services by calling our O’Fallon branch at (618) 219-8600.   

    A Look at the Credit Union Advantage [INFOGRAPHIC]

    Last updated 8 months ago

    You work hard for your money. Don’t you think you deserve to have your money taken care of by a credit union that understands this? Credit unions offer many of the same products and services as traditional banks, including auto loans, savings accounts, checking accounts, and mortgages—but with a number of distinct advantages. Unlike traditional banking institutions, credit unions are not-for-profit and owned by their members. A credit union is run by and for its members rather than for the profit of executives and the board of directors. Check out this infographic from GCS Credit Union, your local O’Fallon, IL credit union, to learn more about the advantages of obtaining auto financing, checking accounts, and more at a credit union. Please share with your friends and family! 

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    Our MEMBERS® Auto and Homeowners Program

    Last updated 8 months ago

    The GCS Credit Union in O’Fallon, Illinois is proud to offer a number of services in addition to our loan products, credit cards, debit cards, and savings accounts. By joining a dedicated team of insurance professionals, GCS is now able to offer our members with the MEMBERS®  Auto and Homeowners Program—providing you with the property and casualty coverage you need to protect your financial investments.

    The MEMBERS® Auto and Homeowners Insurance Program features convenient e-services so that you can pay your bill, make changes to your policy, and receive fast access to claims services 24 hours a day. Our online services also make it easy for you to obtain a free, no obligation quote or to locate an agent at the local Liberty Mutual sales office.

    Give the GCS Credit Union a call at (618) 219-8600 to learn more about this program. Are you looking for something different? Check us out online to learn more about our other loan products and services. 

    Signs It May Be Time to Apply for a Personal Loan

    Last updated 8 months ago

    Personal loans are a type of product designed to offer individuals with the funds needed to make purchases when savings are not available. Continue reading this article to help determine if it’s time for you to apply for a personal loan with your local credit union.

    Life-Changing Events
    Many individuals turn to personal loans to finance major events in their life, such as a marriage, divorce, or the birth of a child. In some cases, individuals may apply for a personal loan when they want to finance an upcoming vacation or a trip with their family.

    Renovations or Improvements
    While some financial institutions offer home improvement loans, personal loans can also be used to finance renovations or repairs to your current residence. For example, a personal loan may come in handy when you want to upgrade your bathroom fixtures, need to purchase a new air conditioner, or want to make other energy-efficient adjustments.

    Unexpected Bills
    Personal loans are a great way to obtain quick cash when you are facing unexpected bills, including those due to job loss, medical expenses following a personal injury, and payments for vehicle repairs after an accident.

    Wavering Credit Score
    Many people do not realize that obtaining a personal loan can actually do wonders for their credit. Unlike credit cards that allow you to make only minimum payments on your debts while the interest racks up, personal loans require you to make fixed monthly payments, ultimately improving your credit rating.

    Are you looking for a personal loan with competitive rates and financing terms? Give the GCS Credit Union a call at (618) 219-8600 for more information on our personal loans, auto loans, and mortgage products. You can also visit our website to complete our easy online application, or to find out more about our checking accounts, savings accounts, and investment services. 

    The GCS MVP Debit Card

    Last updated 8 months ago

    Just like no two credit cards are the same, not all debit cards offer the same features and benefits. In this video, you can learn all about the MVP Debit Card from GCS Credit Union in O’Fallon, Illinois. Obtaining your MVP Debit Card is as easy as opening up a free checking account with GCS—after which point you’ll get great deals like 15 percent off merchandise in Izzy’s Den, and 30 percent on a GCS night! Watch the full clip for more information.

    Start getting rewards and saving money by getting your own MVP debit card. You can also apply for one of our credit cards by contacting GCS Credit Union at (318) 219-8600 or by visiting our website. 

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Refinance and Save!

GCS Credit Union has a great way to help out your budget. If you currently have an auto loan financed with another lender, we want you to check out our refinance special.

Expires on 4/30/14


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