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5 Strategies to Combat Holiday Debt

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The holidays are over and the bills are about to start rolling in.  Don't panic!  Here are five strategies to help deal with the financial aftermath from Christmas 2020 and plan ahead for the 2021 holidays!

  1. Make a list of all of your debts.  Figure out which debt would be the easiest to eliminate in the fastest time if you paid just a little more than the minimum payment each month.  If you can swing some extra toward this debt while still paying your other debts on time - go for it!
  2. Create a budget.  Go through your last few months of bank statements and make a list with categories and the amounts you've spent in each.  If you use our online banking, use the budgeting feature to make this even easier!  Figure out where you can make some cuts - and take those few dollars saved every day to apply extra to the monthly payment of your debt.
  3. Extra Payment.  Did you get a holiday bonus or are you expecting a tax return?  Plan on paying off a small credit card or making some larger payments over the next few months to cut down your debt balances.
  4. Plan Early.  Now's the perfect time to create your savings plan for the next holiday season.  Set up a separate savings account to grow your holiday funds.  Even better - set up direct deposit so that some of your paycheck will go into your holiday savings account each pay period.
  5. Consolidate Debt.  You may be able to save money on interest and have a lower monthly payment instead of paying several debts each month.  Calculate your potential savings here.

To learn more, visit our blog!

"I had debt everywhere.  One lower, monthly payment was a game changer."

Consolidate your loans into one, manageable monthly payment.  Choose the best solution for you:

Fixed Payment Debt Consolidation Loan

  • Rate as low as 7.74% APR*
  • Terms up to 63 months
  • No collateral - approval based on your income and credit history
  • Fast online approval

Flexible Personal Line of Credit

  • Fixed rate at 10.99% APR*
  • Open end line of credit
  • No prepayment penalties
  • Fixed limit between $500 and $5,000
  • Annual fee of $25.00

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Personal Unsecured Loans
Effective Date: Sunday, January 24th, 2021
Loan TypeAPR* as low asLoan Term in MonthsMonthly Payment per $1,000
Includes Debt Consolidation, Holiday & Vacation & PC Loans
  7.74% up to 63 $19.36
Share Secured
  2.99% up to 63 $17.17
Share Certificate Secured
  Add to Certificate 2.50% Up to 63  
Overdraft Line of Credit
$500 - $2,500 18.00% N/A  
Personal Line of Credit
$500 - $5,000 10.99% N/A  

For cash out or refinancing of existing Merrimack Valley secured loans, contact the Credit Union for rates, terms, and conditions.

APR is based on $10,000 financed. APR is with a Free Checking or Interest Checking relationship at the time the personal loan is opened. APR and term are determined by the evaluation of applicant's credit history and the actual rate and/or term may vary. We use risk-based pricing to determine the interest rate and/or term (see below).


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