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Winter15

A Quarterly Update on News and Events for Members of MassMutual Federal Credit Union

Holiday Closings

Martin Luther King, Jr. Day January 19, 2015

Presidents’ DayFebruary 16, 2015

Is Holiday Debt Keeping You Down?The holiday season comes and goes, but holiday debt can linger all year. Avoid a holiday spending hangover this year with help from MMFCU.

Consolidate your high-interest debt by transferring all your current balances to the MMFCU Platinum Visa® Credit Card. By consolidating your debts to one low-interest credit card, you’ll have only one easy payment to manage each month. And, with rates as low as 8.75% APR*, it’s more affordable than the high-rate credit cards that offer rewards and points!

Save time and money and eliminate that post-holiday guilt! For more information or to apply for your MMFCU Platinum Visa credit card, call us today at 800.940.9466.

Is 0% Financing Too Good to Be True?With many auto dealers offering 0% financing, you may be wondering: Is this too good to be true? Unfortunately, in many cases, the answer is yes.

The problem with 0% financing is that not every potential car buyer qualifies for this super-low financing. The too-good-to-be-true rate applies to people with very high credit scores, excellent credit records and little or no debt. Unless you fall into this category, you may get stuck paying a much higher rate.

You might be surprised to learn that even if you do qualify for 0% financing, it could cost you more in the long run. If the dealer offers you the choice of 0% or a cash rebate, taking the rebate and financing through MMFCU could save you money – even if our rate is higher. Let’s do the math:

Dealer Financing MMFCU Auto Loan

Vehicle purchase price $24,000 $24,000

Cash rebate $0 $3,000

Amount financed $24,000 $21,000

Interest rate 0% 1.99%

Term of loan 60 months 60 months

Monthly payment $400.00 $368.00

You’ll actually save more by taking the dealer’s rebate and financing your vehicle purchase at MMFCU. In the above example, you’d save almost $2000 over the life of the loan. To learn more about vehicle financing or to apply for your low-rate auto loan, visit us online at www.massmutualfcu.org or call 800.940.9466 to speak with one of our member service specialists.*APR = Annual Percentage Rate.

Make the Most of Your Tax RefundIf you’re like most people, when tax season rolls around, you file and then wait impatiently for your refund…which you’ve spent before the check is even in your hands. How did you spend your refund? A new TV? That great vacation you’ve been wanting to take?

This year, think about doing something different with the money you get back from the government. The average tax refund in 2013 was $2,651, which is more than just a little extra spending money. Financial advisors suggest five possibilities for how to make the most of your tax refund. Check it out!

1. Pay down high-interest debt. With more Americans getting further into debt, many financial advisors believe it is prudent to use your tax refund to pay off as much of your high-interest debt as possible. They advise making a list of all loans, balances and corresponding interest rates. Start by paying off the highest interest rates first, and work your way from there!

2. Start an emergency cash fund. The majority of financial advisors recommend setting up a separate account with three to six months of living expenses saved in the event of a layoff or unforeseen health problems that aren’t covered by insurance. Keep this emergency account separate from your checking and savings accounts, so as not to drain this fund for non-emergencies.

3. Invest for your retirement. If you decide to put away your refund for long-term savings, advisors recommend putting it toward your retirement by adding more to your employer’s retirement program or a traditional or Roth Individual Retirement Account (IRA) if you are unable to contribute more to your employer’s program.

4. Invest for your child’s college education. After you’ve built up your own retirement account, you can turn your attention toward building your children’s or grandchildren’s college savings plans. Talk to your financial advisor about which manner best suits your situation.

5. Add to your regular mutual fund investment account. If you are already contributing the maximum amount to your retirement account, advisors recommend investing in a regular taxable mutual fund to help your money grow.

Main Office1295 State Street

Springfield, MA 01111-0001 MIP F235

Phone: 413.744.3431 (ext. 43431)Fax: 413.226.4359

Toll Free: 800.940.9466

Office HoursMonday-Friday

8:30 am-4:00 pm

Express Teller BranchClarence Street Entrance

1295 State Street Springfield, MA 01111-0001

MIP F235 Phone: 413.744.1168 (ext. 41168)

Fax: 413.226.4359 Toll Free: 800.940.9466

Office HoursMonday-Friday

8:30 am-4:00 pm

Bright Meadow Branch100 Bright Meadow Boulevard

Enfield, CT 06082-1981 MIP M241

Phone: 860.562.1947 (ext. 21947) Fax: 860.562.6066

Toll Free: 800.940.9466

Office HoursMonday-Friday

8:30 am-4:00 pm

Locations and Hours

24-Hour ServicesWeb site/CUOnline Banking

www.massmutualfcu.org

Call 24(Transaction by Phone)

800.788.6628 Inter-Office: ext. 46628

This credit union is federally insured by the National

Credit Union Administration