Nearly everyone has a credit history and a credit score. Whether yours is poor, fair, good, very good, or excellent is based on a myriad of factors — from how much debt you have and your debt to available credit ratio, to how diverse your debt is and how often you pay your bills on time.

At some point in their lives, most people will need to borrow money. And while some have a friend or family member who is willing and able to lend the necessary sum, this isn't always the case. Furthermore, racking up credit card debt or using the equity in your home by putting another mortgage on the house are not always viable options.

When a borrower wants to refinance car loan terms and payments, the process involves applying for a new car loan to pay off the existing one. Most automobile loans are secured with the vehicle serving as collateral and the borrower making fixed payments over several years.

One of my goals at the beginning of 2021 was to trade in my Jeep. As much as I enjoyed my Jeep, I was ready for a change and wanted something a bit more practical, fuel-efficient, and technologically advanced. I'd never traded in a vehicle before, so I had a lot of questions and uncertainty. With the help of a few of my Carolina Trust co-workers, I navigated my way through the trade-in process and got a new car that met all my criteria.

Improving the financial literacy in our area is one of the key ways that Carolina Trust tries to live out the credit union philosophy, "people helping people." To truly help our community, we have to go beyond providing them with financial services; we have to teach them healthy financial practices and help them implement them into their lives. Like learning anything, the earlier you start, the better off you'll be, which is why we put such a significant emphasis on financial literacy resources for our youth.

April is CUNA Youth Month, and Carolina Trust is celebrating in a lot of different ways. We're sharing financial content geared towards youth all month long, including activities, story time, and even a giveaway contest. You can visit our website for more information, and be sure to check back each week for new content.

If you're looking for a great way to start the conversation about finances with your child, bringing them into the credit union and opening a Goal Club account is a great place to start. Check out the BALANCE blog post below, "Is it time to open a checking or savings account for your children," for more information about the benefits of introducing your child to the world of personal finance at an early age.

Knowing how to make a monthly budget is the important first step to financial freedom. That means retiring comfortably, spending time with your family, and traveling like you always wanted. Monthly budgets, however, aren’t something you can set and forget about. In order to make one work for you and your family, you must always review and tweak it. To help, here are seven tips for improving your monthly budget for your family:

Budgets are a valuable money management tool.  Even if you’re happy with your financial health, budgets can keep you from slipping into bad habits.  They can even help you save a lot of money.  If you’re struggling to make ends meet, budgeting is an excellent way to get control of your spending.

If the word budget makes you think of never-ending columns and rows, don’t worry.  There are budgeting methods that make it easier to manage your finances once a budget template is in place.  There are even budgeting apps for your smartphone that can keep you on track. 

According to the American Psychological Association's survey, which measures causes of stress, money consistently lands near the top with 61% of Americans reporting money-related anxiety. The biggest factor in this stress is overspending according to CNBC Personal Finance. We worry when total expenses (amount spent monthly) exceed total income (amount made monthly), causing mounting debt. 

Create a monthly budget to ensure you do not spend more than you make in a month, forcing you to take on additional debt. 

The basic idea behind putting in long work-hours is that our quality of life will improve. Maybe you pull some overtime or go above and beyond to earn a raise or promotion. Regardless of how you go about increasing your salary, there’s an expectation that bank accounts will swell, and life will get a tad easier. One of the things that hold many of us back from saving a lot of money though is controlling our spending.

If you are thinking about buying a new home, then this is an exciting time; however, buying a home is also a big decision. For this reason, you need to make sure that you take the time to get this decision right. That also means working with the right mortgage lender. Unfortunately, there are a lot of common mistakes that homebuyers may make when looking for a lender. Understand these common pitfalls so you can make sure to avoid them.