Blog

On Friday, November 18th, Cobalt Credit Union kicked off our 76th Annual Member’s Meeting with heavy appetizers and a fun door raffle with various prizes. We had quite a few members in attendance this year as if the pandemic were behind us. However, we still feel its lingering effects and new challenges our members face with the unprecedented economic environment. Despite these challenges, Cobal... Continue Reading »

Putting together a realistic budget is one of those to-do list items that feels daunting for many people.  However, getting a handle on spending, saving, and education expenses is one of the best ways to make living on a budget effective. That is why we want to provide you with some tips for building a budget.   Putting together a budget  The first step in living on a budget is to categor... Continue Reading »

Congratulations! You got that big raise or new job, creating a surge of income for the household. Before you toast to your success, though, take a moment to think about how it is really affecting your finances: Are you better off or has your spending outpaced your extra income?  Many people facing debt believe that higher income will automatically lead to a better debt management plan, since t... Continue Reading »

From last minute vacations to holiday shopping trips, credit card debt can start to pile up for a lot of people. Because they typically carry higher interest rates, eliminating any debt you have accumulated on credit cards can have a big personal financial impact. One simple debt reduction strategy is a credit card balance transfer.  A credit card balance transfer is a quick way to put more of... Continue Reading »

The Holiday season is almost here, which means getting out the decorations, colder weather, travel plans, and of course gifts! With most of those things, there usually is also an added expense, and oftentimes it can sneak up on you. That is why planning your spending for the holidays can help it feel less overwhelming and be a joyful season for all, so we have some tips on how to help your budget ... Continue Reading »

When your kids are online – whether they are watching videos or on social media – you likely worry about the content they are consuming. As a parent, it is also important to think about the information they are giving out and to teach them about safe browsing. That is because identity thieves are also targeting unsuspecting children.  When your children have access to home computers, smart... Continue Reading »

Being in debt can be a heavy burden to bear. Not only does it affect your wallet, but it can also have consequences for your emotional and physical health. But there is a light at the end of the tunnel: The biggest secret to getting and staying out of debt is changing your mindset about money.  This blog post will explore the psychology of and offer tips for breaking bad financial habits, to h... Continue Reading »

Of all the myths about credit scores, one of the most persistent seems to be that a higher income level leads to a higher credit score. After all, if you make more money, it is likely that you can secure more credit, and that would make your score go up, right?  Does Income Affect Credit Scores?  That is not how credit scores are calculated. Instead of looking at income, credit scores rely... Continue Reading »

It takes a lot of effort for a football team to look effortless on game day. Teams pull it off only after developing detailed plays and practicing them to perfection.  The same holds true when it comes to reaching your financial goals. Hoping for the best is not the same as a real plan. So, when you are looking at your long-term financial game plan, investing a little time in goal setting now ... Continue Reading »

The effects of a delinquent account  When you pay late or find yourself on the receiving end of debt collection, these incidents may remain part of your credit history for up to 10 years. Which is why paying off a delinquent account does not automatically remove it from your credit report.  Your payment history represents around 35% of your credit score. The decisions you make now could im... Continue Reading »