Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Taking Advantage Of Skip-A-Payment Option

25. June 2018 Administrator Blog (0)
At one point during a loan period, financial institutions usually invite their clients to avail a skip-a-payment option in order to save some money. This is usually once every year provided your mortgage is not in arrears and the current balance of your mortgage plus the payments you desire to skip are not more than the original value of the mortgage. It pays off to know some ways in which such an option can be used to your advantage if you decide to avail it.

Here is a list of some ways in which a skip-a-payment option can be taken advantage of:

  • Holiday Months Shopping: The money you save on skipping a payment can be used during the holiday season. You can make the most of heavy discounts and sales by creating a buffer budget. With more money in your pocket, it is easier for you to purchase essential decoration items during the holiday season. This works best for those who have not planned their holiday expenses in advance and end up incurring more than they had planned for.
  • Post-Holiday Expenses: If your financial institution offers you a skip-to-payment option at the beginning of the year, it might be a great chance to pay a part of your holiday expenses that are lingering on in the form of credit card balances. The skip-to-payment option in this case works best for those who have spent in advance for the holidays.
  • Vacation Expenses: If you are all set for a family vacation but not quite prepared financially for any sudden expenses that might crop up, a skip-to-pay option gives you the much needed financial cushioning during such times. You can always bank upon the extra cash.
  • Sudden Unexpected Expenses: By deferring your loan payment for a month, you can easily adjust to sudden expenses that may arise due to a medical condition, loss of job, auto or home repairs etc. At least for that trying period, you don’t have to worry about your incoming bills.
Conclusion: A skip-a-payment option is no doubt a very valuable tool when extra finances are required suddenly, it should however be used smartly. You cannot depend on it as a long term solution to your financial insufficiencies. It is advisable to consult a private budget counsellor or an expert in this matter from your financial institution for guidance as to how to make the most of this option.

For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.

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GCTFCU Blog | Reasons You Must Join A Credit Union In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Reasons You Must Join A Credit Union In Killeen, TX

12. February 2016 Administrator Auto Loans, Home Loans (0)
Credit Union is a not for profit institution that works collaboratively with its members to ease the financial liabilities of the clients. It lays emphasis on customer service and working for the benefits of the members. As the good word is spreading, more people are showing interest in joining credit union in the Killeen area as it offers various benefits.

  • Focus on the community: A credit union aims at uplifting the financial understanding and positioning of its members. They plough back the finances they raise for the improvement of the objectives, thus making them a viable social organization.
  • Easier loans and lower interest rates: Accessibility of loans at competitive interest rates is one of the biggest advantages of a credit union. The application process is much easier and the loans are approved in a shorter period of time.  
  • Lower banking fee: Their overdraft policies, minimum balance policies are competitive and designed keeping in mind the benefit of the members.
  • Easy to join: It is easy to become a member of a credit union. Membership may be accepted depending on your area of residence, thus opening its gates to more and more members.
  • Education: One can trust a credit union to offer the best advice when it comes to financial constraints and liabilities. They organize periodic seminars, panel discussions, lectures, and personalized financial counseling to make the members aware of latest financial tools available.
  • Accessibility: Credit Unions are managed by representatives amongst the members and thus are more receptive to an individual’s concern. They are connected digitally, giving its members various windows to interact and exchange views, all round the day.
  • More personal: You can strike personal relations with the staff as they are more forthcoming in attending to your queries than anywhere else. You can discuss your problems, raise queries and express opinions as these unions respond promptly to feedback.
We, at Greater Central Texas Federal Credit Union offer complete financial services in Killeen, TX. We provide low interest home loans, checking accounts, savings account, payroll deduction, MasterCard, wire transfer and may other services to the clients. For more information, you can call at (254) 690 – 2274 or visit our office at 3305 E. Elms Rd., Killeen, TX  76542.
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