Loans v. Credit Cards: For The Holidays

shutterstock_115146025The holidays are approaching. Maybe you’re excited for spending time with your family, the food, or just the holiday lights that seem to pop up overnight. With all of those mentioned guarantees, there is another one you just can’t seem to avoid, gift giving. Even if you tell your family and friends you don’t want to exchange gifts there is always that one person that gives you a gift because “Oh, I just saw it and it screamed your name!” Or maybe you love to buy gifts for everyone; parents, siblings, significant others, bosses, mailmen, your hairdresser. Whichever category you fall in make sure you are prepared. Did you budget for the holidays this year?

If you’re like most people you haven’t even thought about the holidays until they put decorations in the stores during October. So what’s your plan? Is it swiping it your credit card that charges 22% interest so they can pay off Alec Baldwin and Tina Fey to promote their cards? If that’s the case you should keep reading.

Many of those high-interest credit cards come with compound interest. What is compound interest you may ask?  Its interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or a loan. You can look at it as “interest on interest.” If you’re not interested in paying the credit card companies those high interest rates (let’s not forget that annual fee you’re paying as well) keep on reading.

If you’re looking to save money the BrightStar Credit Union Holiday Loan is just right for you. First, it offers simple interest, the interest charge is always based on the original principal, so interest on interest is not included. Second, we offer rates as low as 7.99% APR and go up to 16% APR. Even then our rates are still lower than the credit card companies. Third, you set the limit to how much you want to spend this season, up to $5000. So if you plan to spend $1500, take out $1500 and you don’t overspend and you won’t be overwhelmed when the holiday season ends.

The BrightStar Credit Union Holiday Loan is available until December 31st. So be prepared for Black Friday, Cyber Monday and anything else the retailers throw at you. And above all else, enjoy your holidays.

Apply for a loan today at https://www.bscu.org/holiday/

About BrightStar Credit Union

BrightStar Credit Union is a not-for-profit, member-owned financial cooperative based in South Florida. If you live, work or go to school in Broward or Palm Beach counties, you can join!

Posted on 11/13/2014, in Uncategorized. Bookmark the permalink. Leave a comment.

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