Visa^® cards, what a wonderful thing. I love the fact that I do not have to keep track of how I spend my money in a check register. I also love that I don’t have to remember to carry cash with me because, should I use cash to pay for something, I can guarantee you that I will not remember where I spent the money. These are just some of the challenges I encounter when using cash.

What is a Home Equity Line of Credit? The equity of a home is the difference of the home’s actual value and how much the homeowner owes on the mortgage. A Home Equity Line of Credit (HELOC) acts like a second mortgage and people can use the loan proceeds for a variety of different needs. This is a normal line of credit that is similar to a credit card, where you can borrow money as needed up to a certain limit. Most of the time, the loan proceeds are used for major expenses, like home improvement, debt consolidation, and education. However, it is important to remember that the lender can foreclose on the home if the loan is not paid back, since the collateral for a HELOC loan is the home.

April is National Credit Union Youth Month!