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Freedom First Credit Union How to Combat Inflation & Rising Credit Card Rates

It’s pretty safe to say that everyone has felt the effects of inflation at this point. While some inflation is good for the economy, such a dramatic rise in a short period continues to send prices soaring. To stop the climb, the Federal Reserve continues to raise the federal funds rate – a move that further hits consumers’ wallets.

Many people are turning to credit cards to help manage rising prices and make ends meet. Unfortunately, moves by the Federal Reserve are causing credit card rates to spike – giving people a double punch right in the wallet. Rising prices plus rising interest rates can create a costly debt spiral that’s difficult to escape.

Freedom First Credit Union 10 Tips to Fight Inflation this Holiday Season

The twinkling lights, delicious foods, and festive music are all signs the holiday season is upon us. Add in the precious moments with family and friends, and it’s a reminder of why it’s the merriest time of the year.

Whether it’s decorating, buying gifts, traveling, or entertaining guests, the holidays are also one of the most expensive times. But this year has people even more stressed as prices continue to soar.

Before you let today’s economic woes bah humbug your holiday spirit, review the following tips to help boost your spending power.

Freedom First Credit Union Spending Wisely with Credit Cards

Let’s face it…while credit cards are a great way to build your credit, they can get you into trouble if you’re not careful.  With so many people taking advantage of the ease of online shopping these days, overspending can happen fast, and before you know it, you’re up to your ears in debt.

Taking control of your spending is essential to maintaining a good credit score. And, when used appropriately, credit cards can actually help your financial situation.

Freedom First Credit Union Strategies to Pay Off Credit Card Debt

These days it’s easier than ever to make purchases. With most items only requiring a click, tap, or swipe of a credit card, you’re able to quickly purchase an item without ever thinking twice about it.

The problem lies in that most people don’t keep track of how many times they’re using their cards in a month. Then, when their statement comes, they realize just how fast all those little charges can add up. As a result, anxiety quickly sets in when trying to figure out exactly how to pay the outstanding balance.

Before you jump right into trying to pay down debt or hiding your statements hoping the debt will go away, it’s essential to have a strategy in place that will help you pay off your credit card debt.

Freedom First Credit Union Why You Should Keep Your Credit Cards Active

When you work diligently to pay off a credit card, nothing is more satisfying than seeing the balance hit $0. It’s a eureka moment – filled with accomplishment and freedom. And your next desire may be to shred the credit card and close the account. But is that the right move?

Freedom First Credit Union Is it Time to Look for a New Credit Card?


If you’re like most people, you probably have one or more credit cards in your wallet. Credit cards are one of the easiest and most convenient forms of payment, making them so popular today. Plus, with the ability to purchase just about anything and pay for it over time, many people tend to turn to them first.

Freedom First Credit Union Economic Revitalization

Freedom First works hard with local developers, business owners, and entrepreneurs to breathe new life into our region through commercial
redevelopment of existing properties, preserving and honoring the buildings’ historical significance to the surrounding community. One such project Freedom First was excited to finance was the restoration of the historic Fire Station #1 building in downtown Roanoke.

Freedom First Credit Union A Spirit of Giving

2020 and 2021 were challenging years for many organizations, especially nonprofits. Freedom First recognized the need and stepped in to provide relief beyond what we could offer through the Small Business Association’s Paycheck Protection Program or Community Development Block Grant - Coronavirus funding from the government.

Freedom First Credit Union A Home Within Reach

Franklin, a young Roanoke man looking to spread his wings and live independently, came to Freedom First hoping to buy a home of his own. He had experience living as a renter but moved back in with his parents when the COVID-19 pandemic began. Franklin began his career journey 10 years ago when he joined the Carilion team after successfully completing the Project Search Special Education Program through Montgomery County Schools. He’s an active participant in Young Life, Best Buddies of VT, and his softball team made it to the Special Olympics National Games in 2019. He had enough saved up for a down payment, but with no credit score he struggled to qualify for a traditional mortgage.

Freedom First Credit Union Reliable Transportation and Furthering Education

Alicia made a resolution not to accumulate a lot of debt, but when a lack of credit history meant she couldn’t obtain a traditional auto loan, she realized that the Responsible Rides® program could be the solution for her. Alicia had very specific needs for her vehicle – she not only wanted to make sure her father and sister would feel comfortable riding in it, but she also needed to make sure it had enough space to store her sister’s walker and be easily accessible.

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