--- title: "Money Pinch: Avoid these Costly Mistakes" description: "Money Pinch: Avoid these Costly Mistakes" image: https://blog.publicsafetycu.org/hubfs/Imported_Blog_Media/moneypinch.jpg --- #### Third Party Disclosure By accessing the noted link you will be leaving your financial institution’s website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Greater KC Public Safety Credit Union’s website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than ours. 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[Blog](https://www.publicsafetycu.org/blog/) - - [Our History, Our Future](https://www.publicsafetycu.org/about-us/our-history/) - [Annual Report](https://www.publicsafetycu.org/wp-content/uploads/2019/06/Annual-Report-2019-website.pdf) - [ITM’s](https://www.publicsafetycu.org/about-us/itms/) - [FAQ’s](https://www.publicsafetycu.org/faqs/) - Contact Us - [Contact Us](https://www.publicsafetycu.org/contact-us/) - [Locations](https://www.publicsafetycu.org/contact-us/locations/) - [Rates](https://www.publicsafetycu.org/rates/) ![Money Pinch: Avoid these Costly Mistakes](https://blog.publicsafetycu.org/hubfs/Imported_Blog_Media/moneypinch.jpg) # Money Pinch: Avoid these Costly Mistakes May 20, 2020 by [Jesse Kielman](https://blog.publicsafetycu.org/author/j_kielman) We all want to create financial security. We can manage our budget, track daily expenses, and work to build up a safety fund for those unexpected expenses. But what happens when things go wrong? As your Credit Union, we’re here to help you navigate any financial difficulties or unforeseen circumstances you may face. Here’s a quick list of common financial pitfalls, and how to avoid making some of those mistakes. ### **Don't: Get a Payday Loan** This one may seem obvious, but Americans spend around [$7 billion dollars](https://www.debt.org/credit/payday-lenders/) in payday loan fees each year, so somebody is falling for it. Payday loans start a cycle where a short-term cash relief for one bill creates another one down the road. Borrowers then struggle to pay it all off. In fact, most payday loans are taken [within two weeks](https://www.forbes.com/sites/advisor/2019/10/27/the-true-cost-of-payday-loans/#5236c9ca6947) of paying off a previous one. The normal payday loan interest rate in Missouri is an eye-watering [443% APR\*.](https://www.ustatesloans.org/law/mo/) Do not get caught up in this cycle! ### **Do This Instead: Apply for a Signature Loan with us** **As your Credit Union, our job is to go beyond banking to help you achieve financial empowerment. One of the biggest ways to create devastating financial issues is through payday loans. Because of that, we offer a Signature Loan that is meant to help our members without getting caught in the cycle. Our Signature Loans have rates around 10% APR\*— which are much more manageable than the payday loan rates — and you can get** [your application started with one of our experts today.](https://www.publicsafetycu.org/lastform/39) ### **Don’t: Get caught up in Credit Card debt** [According to CNBC,](https://www.cnbc.com/2020/05/13/warren-buffett-cautions-against-carrying-a-credit-card-balance.html) 110 million adults had credit card debt *before* the coronavirus pandemic. With interest rates often around 25% APR\*, credit card debt can put a huge dent in your finances long-term. That’s without considering the possibility of managing multiple cards. Since you have to pay a certain amount on each credit card, juggling numerous cards increases your monthly minimum payment. It also increases the amount of money you’re losing long-term in credit card interest. ### **Do This Instead: Use our low-interest cards** If you’re considering applying for a high-interest credit card or adding to the balance of one you already have, [talk to one of our experts first](https://www.publicsafetycu.org/lastform/39)[.](https://www.publicsafetycu.org/lastform/39) Our Classic MasterCard® offers rates as low as 12.50% APR\*, which instantly puts you in a better position than with the 25% you can expect to pay elsewhere. If you already have one or more credit cards, especially at a higher interest rate, we offer [zero balance transfer fees\*\*](https://www.publicsafetycu.org/lastform/39) on both of our MasterCard® options. This may improve your monthly budget by decreasing minimum payments, benefitting you in the long-term. And you pay less for the exact same credit card balance. ### **Don’t: Sell your car in a panic** One of the most significant investments you make is in your personal vehicle. When your money situation changes, it may be tempting to look there first for answers. But if you bought your car new and are wanting to sell because of short-term pressures, you’re likely going backwards. If you’re selling for something like fuel economy, you’re almost certainly hurting yourself, especially with current prices. And if you trade-in your vehicle for a newer one, you may be losing more in value with the transfer than you’d benefit. ### **Do This Instead: Refinance to lower your payments** One way you can save money is by refinancing your auto loan. This can get you a lower interest rate, which means you pay less for the exact same car. For example, we’re offering rates as low as 3.24% APR\* on all new, used, and refinanced auto loans\*\*\*. If you have a higher rate than that, we can likely lower your monthly payments and save you money. We’re also currently offering 90-days no payments\*\*\*\* on refinanced loans, which could be a huge short-term relief. Think one of these options is right for you? Let our experts help. We can help you take advantage of these better alternatives and set you up for financial success! 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