A Comprehensive Look at the High Cost of Some Financial Services (English)
BALANCE Financial Fitness is a program paid for by Redwood Credit Union to provide our Members free access to tools and tips for better money management. Whether you're interested in creating a budget, developing a workable spending plan, getting out of debt, understanding and improving your credit report, buying a home, or planning for your financial future, Redwood Credit Union, and our trusted partner BALANCE, are here to help.
BALANCE is a confidential financial education and counseling service committed to helping individuals and families nationwide take control of their finances and reach their goals. On the BALANCE website, you’ll find information about what they do, who they are and how they can help you master your money. To speak with a BALANCE representative call 1 (888) 456-2227, toll free.
While there are many excellent financial products available that can help you achieve your goals, there are a few loans, lines of credit, and services to avoid because of their expensive fees and problematic terms. To help you make wise borrowing and financial service choices, this 5-page program - with an optional quiz to ensure understanding - will cover:
- Prime credit, subprime credit, and predatory lending
- Types of subprime credit products: payday loans, finance company loans, expensive credit cards, car-title loans, and pawn shop loans
- Types of fringe financial services: check-cashing services and rent-to own retailers
- Recovery methods
- Financial alternatives
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