The start of a new year has a way of making us pause and reflect — especially when it comes to our finances. After holiday spending, rising costs of living, and the realities of everyday expenses, many of us find ourselves asking the same question:
Featuring Guest Patty Corkery, President & CEO of Michigan Credit Union League
Most people think banks and credit unions are basically the same but they’re not. One is built to serve shareholders. The other is built to serve you.
What is DTI ratio?
Before you can improve your DTI ratio, it helps to know what a DTI ratio is. DTI stands for debt-to-income. It’s a comparison of your monthly debt payments versus your monthly income. Your calculated DTI ratio is used to help lenders get an idea of how well you manage monthly expenses, which helps them determine if you’ll be able to repay a loan.
Presented by Lake Michigan Credit Union’s Wallet Wisdom Podcast
With Host Brett Christiansen and Guest Savannah, Girmscheid, LMCU Financial Wellness Manager
In the latest episode of Wallet Wisdom, host Brett sits down with LMCU’s VP of Accounting, Tommy Minchew, and SVP of Finance, Mike Steele, to demystify one of the most talked-about financial topics with this latest decision to maintain interest rates by the Federal Reserve and how it impacts your wallet*. Whether you’re a saver, borrower, or somewhere in between, this episode is packed with practical advice to help you navigate today’s economic landscape.
Debt can pile up fast. But don’t let bills and credit card payments overwhelm you: we’ve got tips, and you’ve got options. One of the simplest, most effective ways to make your finances more manageable is debt consolidation. By consolidating debt, you combine multiple, high-interest loans into a single, lower-interest payment, potentially saving you hundreds of dollars each month.
If you use your debit card for most of your purchases, you may want to consider using a credit card instead. Fraud is on the rise and becoming more sophisticated. According to the Federal Trade Commission, Americans lost $5.8 billion to fraud in 2021, up 70% from 2020. Protecting your money is more important than ever, and, in most cases, credit cards provide more fraud protection benefits compared to debit cards.
LMCU helped Erin and Chad build their dream home.
It may seem counterintuitive, but a credit card can actually help you be more financially responsible — the key is to make sure you use it in a responsible way.
Use the 1-2-3 approach to help your student pay for college
When you’re planning for college, the first question is often which school to choose. But equally as important is the question of how you’ll pay for it. That’s why we’ve partnered with Sallie Mae® to bring you their 1‑2‑3 approach to paying for college. These three steps can help you make more informed, responsible financial decisions for a big investment in your future.
