Don’t be Blue this Monday

Monday 20th January this year is what is now known as Blue Monday. It’s been suggested this particular day is the most depressing of the year. However, research shows that it’s not the actual day that gets people down and makes them feel gloomy but simply the shorter days and less sunlight we have in January and throughout the winter months. It’s due to a wide array of factors, including the weather, credit card debt level, post-Christmas blues and failure to stick with New Year’s resolutions.

We cannot help with all the bothersome blue bits of life but we can recommend a potential cost saving way of addressing & conquering the credit card debt. Be your own hero and get a Conquer Loan from us and pay-off, get rid or at least reduce the balance on the credit card.

Have you ever checked your credit card bill to see when you’ll pay off the full amount outstanding if you just pay the minimum monthly payment?

HERE’S A REAL LIFE EXAMPLE

A credit card bill with an outstanding amount of €3,230 and a representative APR of 22.1%. The minimum monthly payment requested by the credit card provider is €81 for month 1 and if the minimum monthly payment is adhered to each month the final payment date is stated as being 2048, which calculating from 2020 is 28 years away.

With a credit card bill, once you pay the minimum monthly payment demanded, that payment amount will reduce each month thereafter. If you continue to pay the reducing minimum repayment it will take you approximately 28 years to clear the balance of €3,230 (22.1% APR). That is assuming that you do not use that credit card again during that period.
If you take out a Conquer Loan with us to cover the full outstanding credit card bill amount of €3,230, it has a representative APR of 10.4%, the monthly repayment would remain €81.00 each month, however, the final payment date would be 2022 which from 2018 is 4 years away. There would be a total of 49 monthly payments of €81.00 each and the total amount repayable would be €3,933.92.
Your total cost of credit would be €703.92. Figures are correct as of Jan 2020 and are based on a Conquer variable loan rate of 9.9%, representative 10.4% APR.

THE BENEFITS OF A CONQUER LOAN

> No unexpected fees, finance or transaction charges.
> You can lower the credit limit on your credit card to prevent balances rising again in the future.
> You can decide to get rid of your credit card altogether and just use a debit card going forward.
> Eligible members will have their loans insured by the Credit Union’s Loan Protection Policy. This cover is available at no extra cost.
> Pay off your loan early, make additional lump sum repayments or increase your regular repayments without penalty. Other lenders may charge you extra for paying them back faster.
> Interest is charged on your reducing loan balance, so you only pay interest on what you owe.
> The amount you can borrow is not based on the value of savings you have in your account.

HERE’S HOW TO GET STARTED

Firstly, you need to open a credit union account.
> Next, gather together the most recent copies of all your bills and credit card statements for us.
> Calculate how much you can afford to repay taking into account priority payments such as your mortgage, rent, food, childcare and utilities.
> Work out how much you need to borrow to cover your credit card, loans, car finance or any other forms of credit. The goal is to pay off the loan quickly.
> Finally, email, call in or ring us and speak to a member of staff who will help you get started with your Conquer Loan application.

You’ll get a monthly payment that you can afford and it should also free up some disposable income for you, as well as shortening the time in which you pay it back.

We can run the numbers for you and you can see if a Conquer Loan is a good option for you.

Changing the terms of your loan may result in paying more interest over the life of the loan.

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