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Tropical Financial Credit Union saves the day with debt management tips

Posted at 4:23 PM, Jul 21, 2022
and last updated 2022-07-21 16:23:11-04

Applying for a loan to purchase big-ticket items is a reality for many. Tropical Financial Credit Union’s Vice President of Marketing, Amy McGraw, joined Inside South Florida to share tips that can prepare you before taking on a loan.

“You really want to look at your debt load. If your debt is too high, it can hurt your credit score and chances for getting a loan,” says McGraw. “You want to keep that debt to income to around 38%.”

Sorting through mounds of credit card bills, mortgage payments, student loans, and car notes can feel overwhelming. Deciding what items to pay first can confuse you.

“The idea is to tackle the debt that has the highest interest rate because that's literally money out of your pocket for nothing,” says McGraw. “Then pay minimum amounts on your other credit cards.”

Debt management can be a difficult task. Tropical Financial Credit Union offers a solution to aid you in minimizing what you owe to creditors.

“You can meet with a money coach. They can actually go through all of this with you, help you determine which debt you should tackle first, and really make sure that you're prepared to apply for a loan,” says McGraw. “Our first priority is you, the consumer. We're going to make sure that you can reach your financial goals and get beyond the everyday stress of money.”

For more information, visit TropicalFCU.com

This Inside South Florida segment is paid for by Tropical Financial Credit Union.

Inside South Florida

10:49 AM, Jul 26, 2019

Inside South Florida is an original, local lifestyle show focused on providing our audience with informative, useful and entertaining content. It features a variety of community organizations, businesses and happenings in South Florida. It is a marketing-friendly program dedicated to offering businesses the opportunity to showcase their company/products, reach potential customers and gain results.

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