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.