• Finding the Right Loan for Your Needs

    People must borrow money throughout their lifetimes for a wide range of reasons, from buying a home to purchasing a new car to managing unexpected expenses. When you borrow money, it’s important to borrow it the best way for your needs, so that you can more easily pay it back when the time comes.

    At GCS Credit Union, we offer personal loans for a wide range of needs. Our home and auto loans offer competitive rates, as well as personal lines of credit and loans that can be used for any purpose. Our debt consolidation loans offer the chance to get on top of your bills and reduce your interest rate, while our Christmas loans make juggling holiday expenses easier.

    If you need a loan for any reason, talk to a team member at GCS Credit Union about which of our services might be right for you. For more information about home and auto loans in O’Fallon and the rest of our credit union services, call (618) 797-7993.

  • How to Get the Most from Your Savings Account

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    If you’re saving money, make it work for you by putting it in a savings account. At GCS Credit Union, we have a range of saving account options to help you make the most of your money and reach your financial goals. Here are some of the ways you get the most out of your credit union savings account with us.

    Choose the Right Account

    What are you hoping to achieve with your savings account? Consider your goals, and chances are that you’ll find a savings account at our credit union that will help you get there faster. If you’re simply looking for a place to increase your savings while earning interest, choose our free Kasasa Saver account or Member Savings. If you are saving a larger amount of money, opt for a money market account to earn higher interest rates. You can boost your interest even more with share certificates with high, fixed interest rates. Kids can start saving with our Youth Savings account, and you can work towards your retirement goals with our IRA options.

    Use Direct Deposits

    Saving money gets easier when it happens automatically. Set direct deposits for your savings account so that you don’t even have to think about putting the money aside. You may be surprised how quickly your balance will add up—and how little you will miss the money when it goes directly into your savings.

    Diversify Your Accounts

    You don’t save money for just a single purpose, so why put all of your savings into a single account. By using multiple savings accounts, you earmark money for specific needs and reach both short and long-term savings goals. For example, if you want to save for holiday expenses, open a Christmas Club account specifically for this purpose. These accounts reach maturity on October 15 annually, when the balance is transferred to your checking account for holiday spending.

    GCS Credit Union is pleased to offer a wide range of financial products to help our credit union members reach their goals. From online bill pay to savings accounts and auto loans in O’Fallon, you’ll find all of the services you need to manage your money. To learn more about membership, call (618) 797-7993.

  • Are You Saving Enough Money Every Month?

    Saving money is important for reaching both short and long-term goals, but how do you know if you’re saving enough? One way to determine if your savings is healthy is to examine your checking account to see how you’re spending.

    This video discusses the importance of making sure that your spending adds value to your life. If the things you’re spending on aren’t adding value or getting you closer to your goals, then you could likely be saving more.

    At GCS Credit Union, we give you the tools you need to manage your finances your way, with online checking accounts, competitive auto loans, and much more. To learn about our services or joining our credit union in O’Fallon, call (618) 797-7993.

  • What To Do if You Have Credit Card Debt

    Credit card debt is something that many people have, but it can also be an overwhelming drain on your finances. If you’re struggling with debt, don’t let your balances continue to grow. Start by talking to your credit union about whether paying off high-interest cards with a loan with a lower interest rate is a good option for you. These tips will also help you manage your credit card debt and get out of from under growing interest charges.

    Know Where You Stand

    You can’t make a plan for paying off your credit card debt if you don’t know exactly where you stand. If you’ve been avoiding checking your accounts or opening your bills, know is the time to look at all of your current balances and add them up so you know exactly how much debt you have. You should also know the exact balance for each specific card and the interest rate on each account.

    Pay Off the Highest Interest Rate First

    The card with the highest interest rate is the card that is costing you the most money. Shrug off that debt by paying as much money as you can afford on that account first, while paying the minimum on your other cards. Wiping out the highest interest rate debt quickly can save you hundreds of dollars as you make payments. Repeat the process with you other cards.

    Request a Lower Interest Rate

    In some cases, creditors are happy to reduce your interest rate by a point or two if you simply ask. You have a better chance of getting a reduction if you have a history of paying on time and if you have been a long-term customer. If your creditor won’t give you a lower rate, consider transferring your balance to a lower-interest card or taking out a personal loan with a lower rate to pay down your debts.

    GCS Credit Union is committed to helping our members achieve their financial goals, whether they need to get out of credit card debt, get a home mortgage, or simply manage their money more efficiently. To find out how to join our credit union in O’Fallon, call (618) 797-7993.