As we continue our “What about Bob?” learning sessions, Bob’s next lesson is to get a better understanding about how to use Chelsea State Bank’s Mobile Banking App. For Bob, the whole process seems like something out of a Godfather movie, sitting at the end of a table getting a lesson from a teacher in… Read More
What Are the Benefits of a Home Equity Line of Credit?
As you build equity in your home, you start to see certain benefits, such as the possibility of opening a home equity line-of-credit (HELOC). This type of loan borrows against your equity to give you a credit limit which you can use at any time. Like a credit card, a home equity line can be… Read More
Chelsea State Bank Teaches Bob: How to Write a Check
Moving forward with lessons about writing a check is our next step in our “What about Bob?” learning sessions. For Bob, his lesson was two-fold: he learned the basics of how to write a check, and made a pitch for a date with his check writing teacher. More on that later. How to Write a… Read More
What’s the Difference: Home Equity Loan vs. Line of Credit
When looking at line-of-credit options and home equity loans, it’s important to understand that the main difference is the feature. A home equity loan is a single disbursement that requires a fixed payment. A home equity loan is usually a fixed rate. A home equity line-of-credit, or HELOC, is usually an adjustable rate loan because… Read More
Chelsea State Bank Teaches Bob: Debit Cards
“What about Bob?” The movie with Richard Dreyfus and Bill Murray was a box office hit. At Chelsea State Bank we have our own Bob. He needs some guidance, too. He understands that he can get money using a debit card in an ATM, but there’s more Bob needs to learn about debit cards, beyond… Read More
Setting a Plan: How to Get Out of Debt
Setting a Plan to Eliminate Debt Whether you’re starting a diet, exercise routine or a strategy to eliminate personal debt – the plan is the easy part. Following the plan, not so much. It takes commitment and discipline to become debt free, but the reward is well worth it. Being debt free will allow you… Read More
Financial Health: How to Improve Your Credit Score
Stay on Top of Your Credit Scores – Look for Ways to Improve if Needed Your credit score dictates everything from credit card approval to mortgage interest rates. You can’t get away from your score, so take it seriously. Know your score, and know how to monitor it. Stay financially fit!
Am I Financially Fit?: Debt-to-Income Ratio
Debt-to-income ratio, also known as: High School Math Class, Revisited People often want more house than they can afford, more car than they can afford, more things than they can afford. Perhaps it’s just human nature to stretch your budget. In our consumer-oriented society, there are a lot of forces telling you to buy a… Read More
How to Create an Emergency Fund
Take the Steps to Build Your Emergency “Rainy Day” Fund You’ve heard it said: “save for a rainy day.” Most of us have probably heard it endlessly repeated from our parents. But there’s something to be said for having an emergency or rainy day fund. You just never know.
How to Get Out of Debt with a Home Equity Line of Credit
Are you trying to make a big life change but need a little financial help? With all the financing choices out there, it can be challenging to find the right loan or credit option for your situation.