If You Are In Crisis, Please Contact Us
Keeping up with loan and credit card payments can be difficult, especially if you are experiencing a job loss, illness, or have become overextended with debt. If you need help, we are here. Getting back on track and staying ahead of your debt takes patience and time. There are some actions you can take today to help get your payments under control.
If you know you may be late on a Beach Municipal FCU loan payment, call us before the payment is due. We have options that can help, and the sooner you let us know, the more we’ll be able to assist you.
Beach Municipal FCU partners with a local program called Bank On Hampton Roads. Bank On is an adult financial education program located in Virginia Beach, Chesapeake and Norfolk. Visit their website to learn more or sign up for classes.
If you're in a tight spot, our partners at Bank On Hampton Roads have a few suggestions that can help:
- Increase Income - Increasing income through overtime or a second job can be a way to get you over a hump. It doesn't have to be a long-term commitment, but an extra boost to help you through a tight spot can be a real help. You might even consider turning a hobby into an extra income source so that you can make some money doing the things you love.
- Mitigate Expenses - This means finding a way to fund your needs with minimal cash outlay. For instance, can you swap babysitting services with a friend or neighbor to cut the cost of date night? Perhaps you can find a way to get along with something less expensive until you are able to save a little more. Instead of seeing a movie in the theater, what can you watch at home? Lessening these expenses allows you more money for other things.
- Cut Other Expenses - What expenses can you control in the short term? While you may not be able to reduce your housing expenses, perhaps you can cut back on your electricity usage or lower your cable bill. Discretionary expenses like eating out, entertainment, savings, or clothing might be more easily controlled in the short term, but if you have to eliminate an expense to get you over a hump, remember to make a plan to add some living back into your budget once you overcome the crisis.
- Tap Savings - Savings is there for when something unexpected throws you off track. Don't feel bad if you have to use some of your savings, but always make a plan to pay yourself back as soon as you can — you never know how much time you have until the next emergency. Savings is part of a longer-term financial security blanket, so always consider shorter-term adjustments before moving to reduction of savings.
- Sell Assets - Do you have something hanging around not being used or some heirloom you can part with that can help generate a little extra cash to tide you over? Selling assets may be a means to help you through a tight spot.
When something sounds too good to be true, it usually is. Beware of bogus check scams, lottery checks and fraudulent money orders.
A fake check scam is a type of fraud where a scammer sends you a fake check or money order you did not request or were not expecting, or the amount of the fake check is for more than what they owe you. They then ask you to send them the difference, usually by wire transfer or gift card. They usually have a good story to explain why you can't keep all the money, such as needing to cover taxes or fees for a prize, or buying supplies for a job. But this is a scam. The check will eventually bounce, and you will be out the money you sent to the scammer as well as the amount of the fake check.
To avoid fake check scams, you should never deposit a check from someone you don't know. If you are selling something to a person you don’t know, insist on being paid in cash or using a real-time payment method such as Zelle®.
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