For the next five months, Connex Credit Union will be working closely with five participants to see who can become the most fiscally fit to win a $3,000 grand prize. Each participant has been paired with a Connex Financial Advocate who will offer real-world, practical advice on how to reduce debt, build savings, and many other helpful financial tips and advice. Connex received over 140 applications for the second annual ConneXfactor competition! Below is the second update on our contestant Stephanie S.
Every week, each contestant will talk with their Connex Coach to help them stay on course and make any adjustments.
Stephanie S.: Slashing Credit Card Interest
Coach: Jeff Lucisano, Orange Assistant Branch Manager
Since our first meeting, Stephanie has been working hard to accomplish her goals.
She continues to find resourceful ways to save money. Last month, Stephanie changed electric companies, and has seen a 30 percent drop in her monthly payment! She is using this savings to add extra to her credit card payments. She also took the initiative to call her credit card companies to see if any of them would lower her interest rate. As a result, one of her credit card companies dropped her rate by five percent allowing her to pay less in interest and pay down her debt faster.
Sometimes, savings can be just a phone call away. Call your electric, cell phone, cablevision providers and negotiate for discounts. Call your credit card companies and ask for a lower rate. You never know until you ask. The worst thing is that they say “No” – or better yet, they say “Yes!”.
More to come… – Jeff Lucisano, Orange Assistant Branch Manager
How were you able to slash your monthly bills and save money?? Did you call creditors?