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Credit
Credit Matters. Using credit wisely will help you achieve your goals while avoiding financial pitfalls. In today’s world, credit does indeed matter. In fact, obtaining and using different types of credit instruments
is part of almost every American’s financial life. However, because it is so easy to make expensive mistakes that can follow you for a long time, it is a good idea to learn how to borrow wisely from the beginning.
BALANCE's Credit Matters Program  will cover the core concepts of credit usage, including:
- What is Credit?
- Getting Started
- Using Credit to Your Advantage
- Delete Your Debt
- Consumer Rights and Responsibilities
Use the Credit Management Coach to help you set your goals, reduce spending, avoid impulse purchases, improve your credit rating, and much more. Here are some of the valuable features the Coach has to offer:
- Tally sheets to record your expenditures and identify unnecessary costs
- Goals worksheet to list and rank your goals, then identify how much to save per week to reach those goals
- Calculator to help you determine your net worth
- Credit card comparison worksheet to help you compare features and benefits and find the right credit card for you
- Interactive quizzes to help you practice your skills along the way
- And, resources for credit counseling
How’s Your Credit? The widespread availability of credit means you can often get the things you want, even if you can't afford them! This isn't always a bad thing...if you manage it well, credit can help you manage your finances.
However, if you borrow too much and have a hard time paying it back, your credit rating will suffer.
- Look at your debts.
Review your loans, their monthly/periodic payments, and their rates. Pay down high interest rate debts first; you'll get more bang for your buck by avoiding higher financing charges.
- Review your credit report every year.
The FACT Act (Fair and Accurate Credit Transactions Act) makes all Americans over the age of 18 eligible to receive one free credit report from the three credit reporting agencies.
There are two simple ways to get your free Credit Report:
- Consider Debt Consolidation
Sometimes, consolidating outstanding debts into one loan can reduce not only your total monthly/periodic payment, but also the total interest amount you pay. Whether it's consolidating credit card debts onto the card with the
lowest rate or rolling your debts into a loan with a lower rate and payment, use our  debt consolidation calculator to
see if debt consolidation might be right for you. If it is, you might want to consider a secured or unsecured Personal Loan or a Home Equity Loan or Line of Credit.
- Need Help?
Get FREE Debt Management Counseling and Credit Report Reviews through Ent's partnership with BALANCESM , a financial
fitness program.
- Are you having trouble making your Ent mortgage or vehicle loan payments?
We understand that in today's economic environment more members than ever before are facing loan payment issues. Don't wait until it's too late! If you think you may start falling behind, contact an Ent Member Solutions Specialist today via
email or by phone at 800-525-9623 x. 5610 for assistance with: protecting your credit, making payment arrangements, and potentially avoiding foreclosure and/or repossession.
- High Cost of Financial Services
Identify high-cost financial services and the steps necessary to qualify for credit alternatives. While there are many excellent financial products available that can help you achieve your goals, there are a few loans, lines of credit, and services to avoid
because of their expensive fees and problematic terms. To help you make wise borrowing and financial service choices, BALANCE's Program on High Cost of Financial Services will cover:
- Prime credit, subprime credit, and predatory lending
- Types of subprime credit products: payday loans, finance companies and other high cost loans, expensive credit cards, and car-title loans
- Types of fringe financial services: check-cashing services and rent-to own retailers
- Recovery methods
- Financial alternatives
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