Month: December 2019

Should I Lend Out My Credit Card? 

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Q: Some of my friends keep asking to borrow my credit card and I’m wondering if this iswoman with credit card a good idea. Should I be lending out my credit card?

A: While circumstances vary, lending out your credit card to friends and family is generally not a recommended practice.

Here are six reasons to say no when a friend, partner or family member asks to use your credit card:

  1. You’re making yourself vulnerable to fraud

While it is not against the law to lend out your card, you are likely breaking the rules of your credit card contract by doing so. Worse, you’re opening yourself up to unprotected fraud.

Federal law puts the cap on credit card holders’ liability for fraudulent charges at $50. In addition, many credit cards offer extra protection against fraud to keep you covered; however, none of these laws and stipulations apply if you’ve willingly lent out your card and fraud ensued. If your friend lost your card, was irresponsible with keeping its information secure or was simply in the wrong place at the wrong time and your card was hacked through no fault of their own, you’ll have to bear the brunt of that fraud. Even a zero-liability policy will not protect you if you’ve performed an act of “gross negligence”-which includes lending out your card.

  1. It can hurt your credit score

If your friend, partner or family member is asking to use your credit card for a purchase, there’s a good chance their own credit is shot. If your credit is still in good shape, why risk hurting your score by allowing someone who has proven to be an irresponsible spender to use your card?

  1. You’ll enable bad habits

The borrower is likely in the position of needing to borrow a card because of a reckless lifestyle and a buildup of irresponsible habits. You might think you’re being a good friend by helping them out in their time of need when, in reality, you’re only enabling them to continue on their path of self-destruction. You’ll be a truly good friend by showing some tough love and saying no.

  1. Payback time trouble

What happens when it’s time to pay that credit card bill and it’s a lot bigger than usual thanks to your friend’s spending spree? You might chase after your friend, asking for payment, only to have them respond by claiming you only need to pay the minimum payment right now, so they don’t need to pay it all back now. They may argue that you need to make that payment each month regardless of their spending, conveniently forgetting or playing dumb to the fact that interest is accruing on their purchase until it’s paid off.

This can go on for months as they continue procrastinating. They’ll reassure you that they haven’t forgotten the loan-they’re only waiting to land that dream job, get that raise they’ve been chasing or win the lottery. But until that happens, you’re left holding the bag.

It gets even stickier. Your friend may not understand that spending money on a credit card can mean paying back a lot more than the actual cost of the purchase. A prolonged balance on a credit card collects cumulative interest. Who’s responsible for paying that interest, you or your friend? While it’s your card, your interest expenses can increase a lot due to the large outstanding balance created by your friend.

However, if your friend believes they’ve only borrowed the amount they used to make their purchases, you’ll essentially be paying for the privilege of lending money.

  1. You’re putting your relationship in jeopardy

If you value your relationship with the person asking to use your credit card, you’ll turn down their request. By agreeing to let them use your card, you’re taking the risk of putting an unpaid loan between you and this person in position to ruin the relationship you share. You’ll feel awkward asking your friend to repay the loan yet again, and your friend may avoid your company when you’ve asked to be repaid one time too many. Why ruin a valuable relationship over a request you should have refused?

  1. You’re opening yourself up to repeat requests

Once you’ve gone down the road of lending out your credit card, it’ll be difficult to retrace your steps and learn how to say no. The original borrower may make a habit out of asking you to lend out your card, and other friends or family members who’ve heard about the arrangement may ask you to grant them the same privilege. Be strong and firm the first time you’re asked to lend out your credit card and you’ll better avoid facing the uncomfortable predicament of needing to turn down family and friends.

Your credit cards are personal objects marked with your own name. When friends, partners or family members ask to borrow your cards, just say no!

Your Turn: Do you think there’s ever a time to lend out a credit card? Share your thoughts with us in the comments.

SOURCES:
https://www.moneycrashers.com/why-you-should-not-lend-money-to-friends-and-family/
https://www.marketwatch.com/story/this-is-why-you-should-never-lend-someone-your-credit-card-2018-03-10
https://www.creditcards.com/credit-card-news/sandberg-lending-credit-card-relative-responsible-1377.php

How To Recognize And Protect Yourself From Scams   

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Scammers are always trying to con victims out of their information and money. They are,woman looking at tablet sweepstakes scam unfortunately, often successful. Scammers are expert impersonators, using sophisticated technology and their best acting skills to convince you they represent a business, institution or government agency you may trust. They also tend to prey on the most susceptible victims, including those who are down on their luck or are exceptionally naïve and trusting.

Here at Destinations Credit Union, our biggest priority is your financial wellness, and that includes keeping you and your money safe. To help you achieve it, we’ve put together this guide about recognizing the signs of fraud and protecting yourself from scams.

Five red flags of scams

While the details surrounding the way a scam plays out can vary greatly, most follow a similar theme. They try to get victims to share personal information or to pay for a service or product that doesn’t exist. Here are five ways to spot a scammer:

  1. They demand detailed information before agreeing to process an application. A favorite ploy among scammers is asking for sensitive, non-public information like your date of birth, Social Security number and login information for online accounts. They will typically do this before processing any application for an alleged product, service or job.
  2. They insist on a specific method of payment. If an online seller or service provider will only accept payment through a wire transfer or a prepaid debit card, you’re likely looking at a scam.
  3. They send you a check for an inflated amount. Another favorite trick among scammers is to overpay a seller or “employee,” and then ask the victim to return the extra money. In a few days’ time, when the original, inflated check doesn’t clear, the victim realizes they’ve been conned but it’s too late to get back the “extra” money they returned.
  4. You can’t find any information about the company the caller allegedly represents. A scammer representing a bogus business can easily be uncovered by doing a quick online search about the “company.”
  5. You’re pressured to act now. Scammers are always in a rush to complete their ruse before you catch onto their act.

Who are the targets?

Scammers usually cast a wide net to ensnare as many victims as possible. However, lots of scams focus on a subset of highly vulnerable targets. Here are some of the most common targets of scams:

  • The unemployed. The internet makes it easy for scammers to learn that you’re looking for a job. If you’re job hunting, be careful not to respond to any emails offering you a “dream position” you never applied for or even knew about.
  • The aging. Older people are another favorite target for scammers. Retired individuals often spend lots of time online, making them more vulnerable to scams. Also, as relative newcomers to the online world, they may be less aware of the dangers lurking on the internet.
  • Children. Sadly, the youngest members of society are another huge target pool for scammers. Children are naturally trusting and will more readily share information with strangers, which can then be used to steal their identity. Small children will likely not be checking their credit for years, which means a stolen identity can go unchecked until the child grows into a young adult. By that time their credit can be wrecked, almost beyond repair.

What do scams look like?

Here are some of the most common scams:

  • Cyberhacking. In this scam, hackers gain remote access to your computer and proceed to help themselves to your personal information.
  • Phishing scams. Scammers bait you into sharing personal information via a bogus job form, an application for a service they allegedly provide or by impersonating a well-known company or government agency.
  • Mystery shopper. A bogus company will “hire” you to purchase a specific item in a store and then report back about the service experience. Before you get started, though, you’ll have to pay a hefty fee, which you’ll never see again.
  • Job offers. Scammers “hire” you for a position and then scam you by sending you an inflated check, as detailed above.
  • Sweetheart scams. A scammer pretending to be an online lover will con you into sharing your personal information and/or sending them money and gifts.
  • Fraudulent investments. Scammers reach out to potential investors with information about lucrative investments that don’t exist.

10 ways to protect yourself from scams

Keep yourself safe by following these rules:

  1. Never share personal information online.
  2. Don’t open unsolicited emails. If you already have, don’t click on any embedded links.
  3. Never send money by insecure means to an unknown party.
  4. Protect your devices by using the most up-to-date operating systems, choosing two-factor authentication and using strong, unique passwords for every account.
  5. Choose the strongest privacy settings for your social media accounts.
  6. Keep yourself in the know about the latest scams and learn how to protect yourself.
  7. Educate your kids about basic computer safety and privacy.
  8. If you have elderly parents who spend time online, talk to them about common scams and teach them to protect themselves.
  9. Don’t take the identity of callers at face value, even if your Caller ID verifies their story. If a government agency, utility company or financial institution reaches out to you and asks you to share personal information, tell them you’ll contact them on your own and then end the call.
  10. Never accept a job or agree to pay for a purchase or service without thoroughly researching the company involved.

Above all, remember the golden rule of scams: If it’s too good to be true, it’s probably a scam.

Once an individual falls prey to a scam, there is very little that can be done to mitigate the loss. Full financial recovery can take years. It’s best to protect yourself from scams before they happen by educating yourself and asking [credit_union] for help.

Your Turn: How do you keep yourself safe from scams? Share your best tips with us in the comments.

SOURCES:
https://www.fbi.gov/scams-and-safety/common-fraud-schemes/investment-fraud
https://www.consumer.ftc.gov/blog/2019/02/romance-scams-will-cost-you
https://www.consumer.ftc.gov/articles/0053-mystery-shopper-scams
https://www.wisebread.com/the-comprehensive-guide-to-identity-theft-everything-you-need-to-know

6 Ways To Keep Your Finances Intact This Holiday Season   

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‘Tis the season to shop until you drop-or until you go broke. But you don’t have to woman shopping on computeroverspend.

There’s no need to rack up a huge credit card bill or go into debt just to cover your holiday expenses. Enjoy a stress-free season by keeping your spending in check with these six tips:

Create a detailed list of all your expenses

Don’t leap into your holiday shopping armed with nothing but a credit card. Before you hit the mall or start browsing, sit down and draw up a complete list of every holiday expense you can anticipate. Include all gifts, holiday décor, travel expenses, charitable donations and food costs. Try to keep this list as trim as possible by cutting out any non-essentials and using stuff you may already have in storage from previous years. Bonus points for any homemade gifts!

Determine how much money you can spend

Once you have all of your expenses written out, work on finding a magic number that will cover everything on your list and that you can realistically afford. Ideally, this money should come from funds you’ve set aside just for this purpose.

Divide and conquer

Next, assign specific amounts of money in your budget for each expense category and for every person on your gift list. For example, you can decide to spend $300 on your preteen daughter’s gifts and to donate $100 to charity this season. Again, make sure your numbers will work from both a financial and practical perspective.

Track as you shop

You’re ready to hit the mall! As you shop, keep a careful account of exactly how much money you’ve spent for each person and in each expense category. It’s best to use cash or a debit card when shopping, and to review your budget often to make sure you’re staying on track. This way, you’ll know how much you’re spending and you won’t be hit by awful “Santa shock” come January when you need to pay those credit card bills.

To make this job easier, use an app designed for this purpose. A common favorite is one called Santa’s Bag. The app allows you to set a budget for each person on your list and then makes tracking the amount you spend super simple. It will even warn you when you’re nearing your preset spending limit or when you’ve gone over budget.

Shop smartly and spend less

Keep your spending to a minimum by following these hacks:

  • Use shopping apps, like the Coupons App and Shopular, to get your favorite retailers’ best deals and coupons delivered right to your phone.
  • Follow the 24-hour rule. Before purchasing anything on the expensive side, wait 24 hours. Sometimes, after sleeping on it, you’ll find that you don’t need to buy that pricey gift after all. Or, you might find the same item somewhere else at a lower price.
  • Shop online on Tuesday morning. Research shows this time of week is when you’ll find the hottest online deals.
  • Shop with a friend. Take advantage of BOGO sales by splitting the cost of a single item with a friend and each of you taking one item home.
  • Shop late. Everyone likes to get an early start on holiday shopping, but prices actually drop in the weeks leading up to Christmas as retailers seek to clear out their holiday inventory.

Let Destinations Credit Union help

If you’re having trouble covering your holiday expenses, or you want to get a head start on next year’s costs, let [credit_union] help! Here are three ways we can take the financial stress out of the holiday season:

  • Skip-a-Payment. We get it. The holidays are crazy expensive. That’s why we allow qualifying members to skip one payment on a loan each November without hurting their credit or defaulting on their loan. It’s extra breathing room, just when you need it most! Although it is too late for this year, keep it in mind for the future.
  • Holiday Loan. If you can’t come up with the funds you need for the holidays, consider taking out a Destinations Credit Union Holiday Loan. Our fantastic terms and affordable rates make it a no-brainer!
  • Holiday Club Account. Spread the cost of the holidays across the year with an account created just for that purpose. You’ll set aside a little bit of money each month into your Holiday Club Account, and next year, when the holiday season rolls around, you’ll have all the funds you need on hand.

Don’t let financial stress ruin your holiday cheer this year. Follow our tips to keep your spending down, and stop by [credit_union] to see how we can help!

Your Turn: How do you get through the holidays with your finances intact? Share your best tips with us in the comments.

SOURCES:
https://www.thebalance.com/how-to-stick-to-your-holiday-budget-2385688
https://www.investopedia.com/articles/pf/08/speding-holiday.asp
http://mentalfloss.com/article/516568/8-ways-make-sure-you-stick-your-holiday-budget

9 Germy Places To Avoid (Or Disinfect) This Winter

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As Old Man Winter settles in for his yearly stay, it’s time to brush up on your disinfecting coule cleaning kitchensmarts.

Cold and flu viruses can fly up to six feet through the air, says Joseph Rubino, former director of microbiology at RB, the creators of Lysol. Harmful bacteria and viruses can lurk in places you’d never suspect, and knowing those places inside and outside the home, can help you avoid getting sick this winter.

Here’s a list of the germiest places you might encounter this winter and how to keep yourself safe.

At home

There are microbes all over our homes, but most are perfectly benign. Unfortunately, though, there are also many harmful ones, including cold and flu viruses, salmonella, listeria, mold, staph, fecal matter and E. coli. And no-these microbes are not found primarily in the bathroom. We tend to be the most germophobic about our toilets and clean them regularly, but it’s actually the kitchen that is home to most of these germs.
Here are the places in your home that are hotspots for germs and how to disinfect them properly.

Kitchen sink

You might want to sit down for this: According to microbiologist Charles Gerba, or “Dr. Germ,” there is more fecal bacteria in your kitchen sink than there is in your toilet after flushing it. In fact, your toilet-slurping dog has the right idea; that water can be cleaner than the water coming out of your kitchen faucet!

Gerba recommends regularly scrubbing your sinks with bleach, or with a kitchen cleaning product that contains bleach. You can make your own solution with 1 tablespoon of bleach to a gallon of water, or try finding a more environmentally safe option through the EPA website. For best results, allow the cleaning solution to sit for a bit before wiping, or use kitchen wipes for a more targeted cleanup. Be sure to clean the entire sink, including the drain, faucet and handles, because those bacteria love to spread their joy. It’s also smart to wipe down all nearby surfaces, like your counters or anything you have on display.

Kitchen sponge

Your dishwashing sponge can hold many more germs than you’ll ever want to think about. Most people know to wash their hands after handling raw poultry and meat, but these same people will wipe down germy surfaces with their kitchen sponge-and then use that same sponge to wash the dinner dishes.

A 2017 study found 362 different species of bacteria living in used kitchen sponges. And, a total of 82 billion bacteria were living in just one cubic inch of space! And here’s the kicker: Microwaving those sponges had no effect on the bacteria.

To keep the germ party out of your sponge, wash it down after each use with hot water and dishwashing soap and replace your sponges every week.

Refrigerator

There’s another bacterial meet-up happening both inside and outside your refrigerator. The National Sanitation Foundation (NSF) found that 36% of tested refrigerator meat compartments contained salmonella and E. coli, while 36% of vegetable compartments tested positive for salmonella and 14% contained listeria. Gerba adds that refrigerator door handles can also be germ-infested, as home cooks regularly touch them after handling raw meat and poultry.

Use the same bleach cleansers for wiping down the inside and outside of your refrigerator on a regular basis.

Cooking equipment

According to the NSF, 36% of tested rubber spatulas and pizza cutters contained E. coli. And cutting boards fared no better.

“Recent surveys of homes found more fecal bacteria on a cutting board in the average home than a toilet seat,” said Gerba. “It’s actually safer to make your sandwich on a toilet seat than a cutting board.”

If you’ve just lost your appetite, the solution is simple: Wipe down all cooking equipment after each use with the same diluted bleach solution you’re using for your sink. Rinse off the kitchen gadget with a mild dishwashing solution when you’re done disinfecting it to make sure you’re not eating bleach.

In restaurants

Dining out can be great fun, especially when the weather rules out barbecues and picnics in the park. Unfortunately, though, restaurants can be fertile breeding grounds for germs. Here are the surfaces to be wary of when dining out this winter.
Tables

It’s a good idea to look at how tables are being cleaned. If they’re not being sanitized with a bleach solution, ask for extra napkins to keep from putting silverware directly on the tabletop.

Restaurant menus

They’re handled by hundreds of diners, and rarely cleaned; so it’s no wonder they’re full of germs! It’s fine to flip through the menu as you choose your entrée, but be sure to wash your hands after placing your order.

Lemon wedges
That iconic slice of citrus fruit on your water glass? It may just be your gateway to illness.
According to a study published in the Journal of Environmental Health, nearly 70% of lemon wedges on the rims of restaurant glasses contain disease-causing microbes like E. coli and other fecal bacteria.

When dining out this winter, tell your server you’ll skip the fruit on your glass. It’s just not worth the risk.

Condiment containers
You might be careful about washing your hands, but can you say the same for the diner who ate at your table before you? Condiment containers in restaurants can spread germs from one diner to another, so you may be walking out of a restaurant with a whole bunch of souvenirs you can really do without.

Holding that ketchup bottle with a napkin won’t help; napkins are too porous to act as a barrier for microorganisms. Instead, wipe down the condiment container with a disinfectant wipe or hand sanitizer before using.

In public places

Shopping carts
Shopping cart handles can be the worst germ offenders in the winter. To keep yourself from bringing home the germs from the dozens of shoppers who used your cart before you, wipe down the handles with a disinfectant wipe (offered in many grocery stores) and wash all produce well before eating.

The waiting room at the doctor’s office
If there ever was a place germs love hanging out, it’s the doctor’s office. While the exam room will hopefully be as sterile as possible, you can’t say the same for the waiting room. If you need to visit the doctor this winter, try to keep at least two chairs between you and other patients and to pack your own tissues. If you’re bringing children along, it’s best to bring your own books and toys to keep them occupied.

Here’s wishing you a healthy, happy winter from all of us here at Destinations Credit Union!

Your Turn: Which germ-infested place did we miss? Tell us about another bacterial hotspot in the comments.

Sources:
https://www.pinnaclehealth.org/wellness-library/how-to-stay-healthy-during-winter/
https://www.cnn.com/2019/10/07/health/germs-home-wellness/index.html
https://www.prevention.com/life/g20488512/8-germiest-public-places/

8 Ways To Beat Holiday Stress

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‘Tisgirl sitting in front of fireplace looking stressed the season to be merry-except sometimes, it’s not.

While the entertainment industry would have us think the holidays are always full of good cheer, lots of laughs and warm feelings, the reality can, unfortunately, be otherwise.

Sometimes, all that frenzied consumerism, party-hopping and crazy schedules can bring out the worst in the people we love. Other times, a challenging life situation, such as a recent divorce, death in the family or financial struggles, are painfully magnified when everyone around you seems to be in such wonderfully high spirits.

No one wants to be the Grinch on Christmas. So, if you tend to feel stressed or down when the holidays roll around, here are eight tips to help you turn that frown into a genuine smile.

1. Watch the buck

Nothing kills the holiday cheer like a mountain of debt. Stick to a budget when doing your holiday shopping and only spend what you can actually afford. Be extra careful not to overspend as the holidays draw near, and you’re experiencing pressure to finish your shopping in time. If you find yourself running low on funds, consider arranging a gift exchange, like a Secret Santa, or giving some homemade presents this year.

2. Give back

The holidays can sometimes leave us feeling down because of all that emphasis on the perfect gifts. Opening up a present is always a thrill, but giving to others creates lasting joy. In fact, according to the American Psychological Association, one of the best ways to reduce stress is to give back to your community.

Beat the stress this season by sharing holiday cheer with those who are less fortunate. There are so many ways to spread joy! You can bring some toys to the children’s ward at the local hospital to brighten up a sick child’s holiday. Use your time off from work to volunteer at a soup kitchen. Dress up your family in their ugliest Christmas sweaters and holiday hats before visiting the closest nursing home to put a smile on the residents’ faces.

When you give, you always give most to yourself.

3. Stick to a schedule

Part of the holiday experience is enjoying late nights and/or early mornings. Sometimes, though, all that lazing around and lack of quality sleep can make stress levels soar. There’s no need to be a stickler for your regular routine on the holidays, but it’s a good idea to keep some sort of schedule. Make sure you’re getting enough shut-eye, and if a physical workout is part of your daily routine, don’t neglect it over the holidays. You’ll always feel better when you’re taking care of your body. And, if you’re mindful about your habits, you may not even have those extra pounds to work off in January!

4. Party smart

Cheers! Can I pour you another glass of … soda?

If you like to party, you can end up getting sick over the holidays. All that heavy drinking and loading up on refined carbs can really do your body in. Do yourself a favor this year and watch what you imbibe. Enjoy a glass or two of your favorite alcoholic beverage, but try to keep the drinking to a minimum. Similarly, it’s OK to break your diet over Christmas, but it’s best not to go overboard. You don’t need to feel bloated and sick to enjoy the holidays. Keep the stress out by treating your body well.

5. Delegate

Are you hosting a crowd this Christmas? Guests can be great fun, but all the extra work can bring your stress levels through the roof. Here’s the good news: You don’t have to do it all! There’s nothing wrong and there’s everything right with asking for help. Don’t feel bad about having your guests and family members pitch in with cooking and cleaning. They’ll feel better, too, when they’re sharing the workload. Plus, everything is easier when there are more hands on deck.

6. Take some “me” time

Whether you’re a closet introvert or you just need some time alone each day, the nonstop partying and a house full of guests can get to you after a while. It’s always a good idea to take care of yourself, and in the chaos of the holidays this need is often neglected. Consider running out to get yourself a manicure, taking a solitary half-hour walk or just locking yourself in your room after a long and loud day to savor the peace and quiet. You’re not being an antisocial snob if you need your “me” time; you’re just being human.

7. Give up the guilt

If you tend to over-analyze every interaction you have with family and friends, you can really beat yourself up over the holidays questioning everything you’ve said. Try to relax and to let go this season. So long as you’re reasonably pleasant and agreeable, you can give yourself a break.

8. Lower your expectations

A common cause for holiday stress is unrealistic expectations. It’s best not to build huge castles in the air by keeping your expectations to a minimum. There will probably be some minor, or even major, stressors this holiday, and not everything will turn out exactly as planned. All of that is OK. If you don’t expect perfection, you won’t be struggling with mountains of disappointment this holiday.

Beat the blues and put the cheer back into the holidays this year!

Here’s wishing you Happy Holidays from all of us here at Destinations Credit Union.

Your Turn: How do you beat the holiday stress? Share your best tips with us in the comments.

Sources:
https://www.psychologytoday.com/us/blog/life-without-anxiety/201212/10-tips-surviving-the-holidays
https://www.symptomfind.com/health/holiday-stress-management/
https://www.huffpost.com/entry/holiday-stress-tips_b_790222
https://www.apa.org/helpcenter/parents-holiday