Dealing with Debt? Follow These Three Steps to Gain Control | Cinfed Credit Union
logo

Money Matters for Cinfed Members

Dealing with Debt? Follow These Three Steps to Gain Control

Posted on December 10, 2020
Topic Categories:

Dealing with Debt? Follow These Three Steps to Gain Control

By Coach Fin

In 2020 we’re all just doing our best to roll with the changes. The pandemic has taken a physical, emotional and economic toll on many Americans. Financial stress can affect your physical and mental health, so it’s no surprise that many people feel overwhelmed.

If you’re feeling that pressure, here are some tips to get your finances back in shape. Debt management goes a long way toward improving your financial outlook — and your outlook on life.


1. Change your financial mindset

As with many things in life, the first step is usually the hardest. You can’t ignore or wish away debt, so it’s best to lay it all out on the table. The first step to getting out of debt is to get your head around where you are today. Here’s how:

  • Set aside time to document your debt. Gather up your bills and write down balances, anticipated payments and due dates. Make this a weekly habit to stay on top of it.
  • Check out this debt payoff calculator. It lets you compare the avalanche method (paying off highest interest debt first) and the snowball method (paying off smallest debts first) to see which is right for you.
  • Take a fresh look at your budget. Are you sticking to it? Have you adjusted your budget to account for any changes in income or expenses? If you don’t have a budget, here’s how to create one. You can use this monthly budget calculator to tally your income and expenses.
  • Keep tabs on your checking account and debit transactions. This helps make sure you account for everything. Errands, drive-thru meals and coffee stops? They add up, so make sure you capture and categorize them on your budget. This can help you spot money “leaks” on nonessential spending. A mobile app can help monitor and track transactions almost instantly.


2. Get help from a financial pro

It can be hard to ask for help, especially when it comes to your finances. You can talk to a Cinfed financial coach at any of our branches. They’re always happy to answer questions or help you access debt management services. They help people through all kinds of financial situations every day. They’ll be glad to listen to you and help you find the right path forward.


3. Create a plan — and stick to it

Whether you’re making a debt management plan of your own or have expert help, the last step is to work your plan. It won’t always be easy. After the initial rush of taking control, you might relax some guidelines. Or get bored with the process. You might have to make some tough choices. But take heart; this won’t last forever. Making your way out of debt takes time, discipline, and resolve. You can do it. And, if ever you feel your habits slipping, just go back to step 1 and repeat the process.


Make an appointment to learn more

Cinfed is here for you during the exciting times — like buying your first home — and challenging times, like creating a plan to manage your debt. If you’d like to chat with a Cinfed financial coach, call or make an appointment to visit your local branch. Here’s what to expect if you visit in person.





CONTACT CINFED

Cinfed Credit Union
4801 Kennedy Avenue
Cincinnati, OH 45209
(513) 333-3800
Routing #242076656

MEMBER REVIEWS

They always go above and beyond at the Oakley branch and truly care about each of their members. And, I absolutely love their kids' membership program. It makes it fun for them to learn about money... 
— Courtney Snow
Been a member since I moved to the Queen City in 1978. Cinfed has always provided customer service that other financial institutions only dream about. Thank you for almost forty years of outstanding... 
— Tim Grabenstein
I recently became a member here at CINFED and it was the best decision I have ever made. I walked in with tears and despair and left with dry eyes, a smile, and I even received a hug from the branch... 
— Melanie
Earlier this year my much younger sister passed away and with that many obligations were to be met by my husband and myself ..My sister was survived by a daughter and son. We have since then taken on... 
— Vonda
How lucky I am to have Liz Frey managing the office I use! I live in Florida but maintain Cinfed as my main banking office. Everytime I need special help a simple email or call to Liz and it is... 
— Debbie G
Emily Snyder took the best care of my two auto loans. She was professional, courteous and very knowledgeable of the available services for me. She went out of her way to make sure I felt like I was... 
— Sarah Amyotte
I have been member with Cinfed since 1986. The Roselawn Cinfed staff greeted the customer phone calls friendly and polite willing to help you with your needs. They have excellent customer service.... 
— Marian Dudley
I have been a member of CINFED since about 1981 when I was transferred from SLC, Utah with the US Army Recruiting Command and have always received excellent service and support . Hope Dee Dee is... 
— Robert Olguin
I have been a member at the Roselawn Branch for a long time and I couldn't be more satisfied with the customer service. No matter how often I come in with a question or issue and no matter what... 
— Andreya T Williams
I been a member since 1985 and can not imagine banking anywhere else. This credit union as taken care of my every need. 24/7 services is excellent.
— Edward, member since 1985
I have been a Cinfed member for years. I know I can depend on them to provide excellent service. The bill pay on line is great and every time I visit the Florence branch I am met with friendly... 
— Jan Ricks
Closed a loan in 24 hours! Absolutely unheard of! Thanks to the exceptional customer service of LeAnn Rose at the Turfway Branch! She went above and beyond by providing unexpected expedited service! ... 
— Christina Stull
I recently applied for a credit card online. I received a call from Emily Snyder explaining what needs to be done next. It was easy and Emily’s customer service was excellent. Emily is a great... 
— Johnnie Bush
I met Emily Snyder because I had a flat tire in the parking lot of Cinfed Credit Union. I didn’t know what to do and she offered to help me. It was late in the evening and I didn’t think anyone... 
— Cindy Hyatt
Emily Snyder took care of setting up a consolidation loan for me on Saturday. She was very friendly, professional, and explained very articulately all the steps involved. Emily also opened a new... 
— Sally A Arbogast
I recently closed for a car loan and a credit card with Susan Z. Her service was excellent. We closed in a couple of days. She was so helpful with her knowledge. It was a pleasure to deal with her.
— Glenda Adkins
I cannot say enough good things about the service I have always received from Cinfed! Most recently, we refinanced a vehicle and dealt with Emily S.! She was quickly responsive and on top of her... 
— Serena Kain
I can say a million great things about Cinfed Credit Union and how they helped me over the years ,But there are many helpful service members, but one Great lady Is Mrs Susan Z. She is an Awesome... 
— GEORGE TUBBS
I have to say I think the new online banking update is pretty awesome. I love that the app is more up to date, clean and user friendly. Happy to be a customer with Cinfed.
— Kyle Neises
I have member with Cinfed for 24 years. The customer service is beyond great. Everything from daily banking to loan services. I recently purchased my daughter a car and originally it was going to be... 
— Tira Williams

NOTE: You are leaving Cinfed Credit Union's web site. Cinfed is not responsible for content or security policies of this external, linked web site.