Live Your Life Debt Free

Money Management for Younger Generations

Managing finances as a young adult can feel overwhelming, with the burden of credit card debt, student loans, and the pressure to save for retirement. One effective solution for streamlining your finances is debt consolidation. This strategy combines multiple debts into a single loan, often with a lower interest rate, to simplify payments and reduce your debt faster.

TIP: The simplest change you can make, however, is cutting back on anything non-essential like dining out or shopping. Focus on essentials: rent, food and transportation. Debt won’t disappear on its own, so the sooner you stop adding to it, the better.

In this guide, we'll explore debt consolidation strategies and services that U1 offers to help you achieve financial stability and freedom.

Debt Consolidation Options

1. Balance Transfer Credit Cards A balance transfer allows you to move high-interest credit card debt to a card with a low or 0% introductory interest rate. This can significantly reduce your interest charges and help you pay down your debt faster. Find the right credit card for you on our quick and easy online or mobile-friendly application.
2. Debt Consolidation Loans Debt consolidation loans are personal loans that can combine multiple debts/loans into one monthly payment. These loans typically offer lower interest rates than credit cards. Terms and rates vary depending on your creditworthiness.
3. Home Equity Loans Homeowners can use a home equity loan to consolidate debt by borrowing against their home’s equity. This can offer lower interest rates, but be cautious, as your home serves as collateral. If you fail to repay, you risk foreclosure. This option is best for those with significant home equity and financial stability.

Another way U1 can help is through our partnership with Trinity Debt Management, a nonprofit credit counseling agency. Trinity provides invaluable assistance to individuals and families in effectively managing debt while equipping them with essential personal financial skills. Trinity services include:

• Budget & Credit Counseling: Counselors are available to review personal finances create monthly budgets, review credit reports, and provide counseling for strengthening credit or preparing a spending plan.
• Education Materials: Financial education materials are available to help individuals learn personal finance skills in budgeting and credit. All materials are free.
• Debt Management Plan (DMP): For those struggling with overextended issues, a DMP provides an effective means of managing debts. DMP services allow clients to pay down debts at a reduced interest rate and make one monthly payment.

Managing Your Money and Investing in Your Future

Thinking about the future can feel overwhelming when you’re focused on managing today—but taking small steps now can make a big difference in the long run. By planning and managing your money strategically, you can start building the financial future you deserve.

Here’s how U1 can help:

Savings Certificates: Choose from flexible terms to align with your goals.

Money Market Accounts: Enjoy steady returns with easy access to your funds.

Individual Retirement Accounts (IRAs): Stay on track toward your retirement dreams.

Emergency Savings Fund

One essential step towards securing your financial future is establishing an emergency savings fund, which can protect you from unnecessary debt and the burden of high interest borrowing. 

Saving for emergencies can sometimes be challenging amidst life's busy schedule. That's why we recommend automating your savings. Set up an automatic transfer from your regular checking or savings account into your dedicated emergency fund. This simple step makes saving easier, consistent, and hassle-free. For instance, saving just $20 a week can accumulate to over $1,000 in a year. Learn more about how to save for an EMERGENCY!

No matter your savings goals—short-term or long-term—we have the tools and resources to help you get there. Let’s build a brighter financial future together!

Need help getting started? Our dedicated member services team is here to help!

Send us a chat message, schedule an appointment, email or give us a call.

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This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition are made.