A Personal Debt Assessment:

Your Financial Life Preserver

Do you feel like you’re drowning in debt? Trust your instincts.

The national average credit card debt per household is $5,700. About 41.2% of households carry a balance on credit cards from month to month. Our reliance on plastic and other forms of credit makes life difficult for families struggling to make ends meet.

Even if you’re still in shallow water, a personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control.

Do You Need a Personal Debt Assessment?

How do you know if you need a debt assessment? Ask yourself whether you’re experiencing these warning signs:

• Do you frequently pay bills late?
• Do you pay only the minimum due on your credit cards?
• Do you use credit for necessities like groceries?
• Have you ever used one credit card to pay off another?
• Do you find yourself paying off holiday debt for several months or years?
• Have you been contacted by creditors?
• Do you use high-cost loans such as payday loans as “quick money” for desperate circumstances?

Mid Oregon Can Help

If you answered “yes” to any of these questions, you may benefit from a personal debt assessment from Mid Oregon Credit Union. We can help you plan a strategy for getting out—and staying out—of debt, develop a sensible spending plan, and communicate effectively with creditors. And, if you don’t know which debts to pay off first, we can help you figure that out, too.

It’s important to follow the right path. There are many false messages out there, convincing thousands that fixing debt issues is easy. Beware of those credit repair and quick-fix ads.

No Quick Fix

There is no silver bullet, but there are ways which make a bigger difference. For example, lowering the interest rates on your debt can reduce the amount of interest you pay, freeing up more of your payment to pay down the debt balance. For some, a Mid Oregon Visa credit card will have a lower rate of interest, and no balance transfer fee. For others, refinancing a car loan can reduce interest by several percentage points. Getting set up on automatic payments can help avoid late fees. Opening a Savers Club account can help you put aside a little bit every month, so you can pay cash for those Holiday gifts or vacation expenses.

Call us today at (541) 382-1795, or visit one of our seven Central Oregon Mid Oregon Credit Union branches. A personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control.