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Think of your credit union as your "financial first responder"

Posted at 1:31 PM, May 13, 2020
and last updated 2020-05-13 15:31:41-04

David Sant with Cyprus Credit Union says you don't have to navigate these uncertain financial times on your own, especially if you are unemployed or even underemployed.

He says, think of your credit union as a "Financial First Responder". Sant says whatever type of loan you're dealing with, you should contact your lender ASAP. They an create solutions that help you manage debts and not damage credit scores.

He also recommends reaching out to your credit card issuer, auto loan provider or mortgage company to see what options are available with you.

Another tips Sant gave us is to see if you qualify to refinance your loan. You could lower your interest rate, lower your payment or both. It does extend the life of your loan but could help you now.

Also, he says take advantage of debt consolidation. Look at all your interest rates, identify the highest and the lowest and seek to consolidate to the lower options. If underemployed, you may be able to take advantage of new promotions like a zero percent credit card for six months.

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