Hi John,

You’re right you have to have someone give you a chance to rebuild your credit but the heavy lifting has to be done by you. You also have to convince a loan officer that you mean business and you’re seriously trying to get out of debt and get ahead financially.

Most individuals think that you get out of a mess by borrowing money and that’s not true. You get out of debt by paying off bills not just transferring or consolidating into one larger bill. It means a lifestyle change. You have to want to start saving, budgeting, and closely watching where you spend your money. This is the hard part but the only way I know for individuals to get out of debt.

I have five children and when they tell me they don’t make enough money, I ask them if they know where they spend the money they make. And they don’t -so I tell them to write down every time they spend money even if it is only a quarter. This is the part they never want to do. I don’t think they really want to know where they spend there money. One of my boys smokes and that costs…My son-in-law has to have a bottle of soda with him at all times. And then when they take the kids to a store with them, they can’t say NO if the kids want to put money in one of the rip off machines by the door and try to win a prize that they never do. They say we only spend a dollar or two but those add up over a week and over the entire month.

So John, do you really want help or are you looking for an easy way out. There are no easy ways out that I’m aware of, hard work and sacrifice is the only way I know to get head.

If you’re serious and in our area, stop in and see me. I can introduce you to a member service associate that can help and I’ll be there with you.




3 Responses

  1. Hi Al-

    These questions are really interesting, I think alot of us are like, in the same boat as John. So that leads me to my question…How good are your credit card rates or are they deceptive like most cards, low rate-pay a lot later. I went on your website and saw the as low as 9.9 rate for your Platinum and 14.9 for classic-but if I don’t qualify for the better card, should I even bother? Or go with a bigger name like Capital One?

  2. Hi Colleen,

    This is a great question and I proud to say that at Hopewell Federal there is no deception with our card. Both are Classic and Platinum card rates are fixed and there is no penalty rate if you should be late on a payment. There is also no penalty rate if you have a late payment on another loans reporting on your credit report. Credit unions are straight shooters. We give our members the best we can at all times. So if you get a Hopewell Federal Visa card you will know the rate (14.9% or 9.9%). There are of course late payment and over the limit fees with both cards but if you pay on time all the time these will not even be a factor.

    As for going with the bigger names, who has the deceptive practices in place today? I find it to be the big names that market the entire country. So my advise, stay local and know who you’re dealing with and what you get.

    Thanks for the question


  3. Hi Al

    With these tax stimulus rebates coming out this week-do you think this will help the economy? Do you think it’s just a drop in the bucket? Or do you think people should pay down their debts or spend it? Just curious. What are your thoughts? I really enjoy your blog.

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