HOW TO REDUCE AND PAY OFF YOUR CREDIT CARDS

Want to dig yourself out of high-interest debt? Here’s how:

Do you have a wallet full of credit cards and carry balances from month to month? Figuring out how to pay those growing debts off can sometimes feel impossible. Ask yourself the following questions:

1. Should I only make the minimum payments?
2. Do I concentrate on just one card at a time?
3. Can I transfer my credit card balances?

The important thing is not to panic. When inflation is high, millions turn to credit cards to make ends meet. There are ways to get your credit card bills under control, perhaps even more quickly than you imagined. It will take some time and effort, but you can do it. Consider these money moves as you work to pay down your debt:

Embark on an Avalanche 

If possible, try to pay more than the minimum amount on all of your cards. If that’s not possible, then pay the minimum on all cards and pay more than the minimum on your highest-interest card. This is known as the “avalanche method.” It’s one of the quickest and cheapest ways to get out of debt.

Here’s a quick example:

If you have a credit card with 20% interest and a car loan at 6%, put every extra dollar possible to pay the credit card. Once the highest-interest debt is paid off, repeat the process with your next highest-interest card until all of your balances are zero.

• NOTE: Once a credit card is paid off, don’t close the account. Leave it open so you have the credit you are not using. This helps improve your credit utilization rate and boost your credit score.

Call Creditors 

Here’s another idea to cut the interest on your credit cards.

1. Call your credit card companies and tell them you have offers for lower-rate cards.
2. Ask them nicely to match, or at least lower your current rate.
3. If you have a good payment history, it’s likely they will negotiate with you.
4. If they say no, tell them you plan to close the account that day and transfer your balance to another card
5. Be sure to tell them the name of the card you’re transferring to. (Use a credit card offer you’ve received in the mail.)
6. If they don’t budge, ask to speak with a supervisor. Supervisors typically have the authority to offer cardholders a lower interest rate immediately. In some cases, you can cut your rate significantly simply by asking.

Transfer Your Balance 

If your current card won’t lower your rate and you have offers for zero (or very low) interest rate cards, call the company with the better offer and move your balance over. After you transfer your balance, try to pay off your card while the interest rate is low to save yourself money in future interest payments.

Automate Payments 

Automate bill payments to ensure you don’t get behind (and face big late fees). While online bill pay with automatic deductions is a good idea, there’s one caveat: don’t just set it and forget it. Set a calendar reminder to check your accounts at least once every six months to make sure all is still well and nothing has changed that could impact your finances.

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SCAMMERS CONTINUE TO STEAL BILLIONS FROM ELDERLY ADULTS

Follow these fraud prevention tips to help protect seniors from losing their savings

It seems like scammers never sleep. Criminals are constantly coming up with creative ways to steal money from unsuspecting people, especially older Americans. Each year, millions of elderly adults in the United States fall victim to financial frauds, suffering $3 billion or more in losses, according to the FBI.

A recent report from the Federal Trade Commission found that older adults (those age 60 and up) were less likely than younger adults, age 20 to 59, to report losing money to fraud, but these older adults reported much higher individual dollar losses. Those 80 and older reported losing the most money to scams, with a median individual loss of about $1,600, the FTC reported.

As people live longer, elder fraud will continue to be a problem, though likely an underreported one. Older Americans may not want to report fraud for several reasons: they might not know how, or they may be too embarrassed at being duped out of their money. They could also be concerned that if their families find out about the scam, they may pressure them to hand over the reins of their financial affairs.

Here are some common elder fraud schemes, according to the FBI and FTC, and how to help guard against them:

Grandparent scam 

Criminals pretend to be a relative, usually a child or grandchild, and often claim to need money for a health emergency. In this scam, the ‘relative’ says they are going to send a friend by your home to collect the money. They may also ask that money be wire-transferred to someone you don’t know.

What to do: Resist the urge to immediately help. Never give or send money, jewelry, gift cards, checks, or wire transfers to people you don’t know. Call another relative to confirm the situation.

Tech support scam 

Through email or by phone, criminals pose as technology support staff and offer to fix computer issues that don’t really exist. Sometimes they want to install anti-virus software as a way to gain remote access to your electronic devices and personal information.

What to do: Hang up on scammers if they call. Always be careful of what you download. Never open an email attachment from someone you don’t know, or weren’t expecting. Be wary of email attachments forwarded to you. Make sure your antivirus and security software and malware protections are up to date.

Government impersonation scam 

Criminals pose as government employees, sometimes from the IRS or Social Security administration, and threaten to arrest or prosecute you unless you agree to provide a payment.

What to do: Government agencies won’t call you and ask for personal information over the phone such as your Social Security or bank account/credit card numbers. Do not give this information out. Ask the person to send the request through regular mail. Chances are, you won’t hear from them again.

Sweepstakes, charity and lottery scams 

In this update of the Nigerian prince scam, con artists falsely claim you won a foreign lottery or sweepstakes, which they can send you for a fee. Criminals also claim to work for real charitable organizations to gain someone’s trust before asking for a donation that goes in their pocket instead.

What to do: If something seems too good to be true, it probably is. Hang up on these fraudsters if they call and/or delete their emails.

TV, radio and phone scams 

Criminals target potential victims using false advertisements about real services, such as reverse mortgages, credit repair and extended auto warranty offers. They also may call to say you’ve won a free cruise and ask you to pay the taxes and fees in advance using a credit card over the phone.

What to do: If they call you, simply hang up. Do not give out personal information, such as bank accounts or credit card numbers over the phone. If they call on your cell phone, you can block the number.

How to report elder fraud 

If you or someone you know thinks they have been a victim of elder fraud, contact your local FBI office. You can also file a complaint with the FBI’s Internet Crime Complaint Center.

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GETTING IT BACK

Steps to take if your identity is stolen

According to a recent study, in 2021, 15 million consumers were victims of identity theft, with criminals using that personal information to create $24 billion in losses. ID theft is a real problem. Here are some steps to take if you should ever become the victim of this crime.

Reach Out

The first thing to do when your identity is stolen is to contact your credit card companies, credit union or bank. If someone is using your Social Security number, you need to contact the IRS. Use this form to navigate the process.

File a Claim

You’ll want to file a claim with the FTC. Head to www.identitytheft.gov and report the incident. As US News reports, not only will filing with the FTC alert them of the scammers, you’ll also receive instructions and forms that can be used to report the thieves to the police and dispute charges to your accounts.

Review Statements

Check your statements and credit report for any fraudulent activity. If anything seems off, report it immediately. And don’t make this a one-and-done. Identity thieves are known for sitting on data until the news of a breach cools down. Keep checking.

Update Your Security

Unfortunately, it’s time to change all of your passwords. Yes, all of them. You can use a password manager app to make this process a little easier.

Freeze Your Credit

You can also freeze your credit with the three major credit bureaus. This way, no one will be able to pull your credit and create fraudulent accounts with your information. To do this, reach out to each bureau individually. It’s free, you can do it online, and you can unfreeze your accounts at any time.

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WHAT TO KNOW ABOUT HOME APPRAISALS

Need a home appraisal? Here’s some tips.

A home appraisal is a vital part of buying, selling, or even refinancing a home. The appraisal gives you an objective view of how much your home (or the home you’re hoping to buy) is worth.

Here’s everything you should know.

The Basics

A home appraisal is conducted by a professional appraiser. An appraiser looks at the house, its condition, its location, and its features to determine value. If you are trying to refinance your home, the appraisal is used to ensure your lender has an adequate value of the property.

How it Works

Let’s say you’re looking to buy a home. Once your offer on the home is accepted and you’ve signed a purchase contract, the mortgage lender will order the appraisal. You will pay a fee for the appraisal, usually around a few hundred dollars. The appraiser will then visit the home and consider the following:

• Location
• Size of the house and lot
• Any potential hazards, like the home being in a flood zone
• Sales trends of comparable homes
• Amenities
• Appliances
• Condition of the home, including the roof and foundation
• Sales trends and price ranges for comparable homes in the neighborhood

Once the appraiser has finished, they will issue a report to your mortgage lender, and the lender will send you a copy.

The Number

If the appraisal comes in at or above your contract price, the sale of the home will go through. If it comes in below, you can use the appraisal to try to negotiate a lower price with the seller. A home that doesn’t appraise as projected may also allow you to walk away from the deal, as contract agreements have appraisal contingencies.

Do One Thing:

Be prepared to walk away from a deal if the home appraisal is lower than expected.

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COMMUNITY INVOLVEMENT

ANNUAL FOOD DRIVE

The credit union participated in the annual food drive benefiting local food pantries. It’s an honor to be a part of the fight to end hunger in our communities.

MARTINI SHAKE OFF

R.I.A. FCU was a sponsor again for this year’s Martini Shake Off, benefiting HAVlife of the Quad Cities. HAVlife of the Quad Cities was established to shed light on lost potential in youth ages 10 to 15. Their mission is to help provide funds for children to be able to participate in camps or events that their families can’t afford. R.I.A. FCU even received recognition with a plaque honoring our “outstanding generosity, civic leadership, and community vision”. This event brought a huge crowd for a great cause!

HOMEBUYING AND SELLING WORKSHOP

Our mortgage team hosted a homebuying and selling workshop that brought attendees information on the homebuying process. Our mortgage team and experts in the field spoke on everything you need to know about homebuying and selling. Those who joined us learned about appraisals, government loans, realty and received helpful information from our loan officers. 

Special Closings

Memorial Day
Monday, May 27
Juneteenth National Independence Day 
Wednesday, June 19
Independence Day
Thursday, July 4

Remember, you can still access your credit union account on holidays and after hours with your R.I.A. FCU ATM/Debit Card, Mobile Banking, DANA or Internet Account Access. Sign up today!

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