Paying Off Debt Articles

Learn how to get out from under your debts to regain your financial freedom.

Learn About Paying Off Debt

It’s important to have a game plan to pay off your debt. Use these articles to get organized and make a dent in what you owe.

All Budgeting and Goals Credit: Score and More Family Finances Fending Off Fraud Paying Off Debt Personal Finance 101 Homeownership Retirement

4 Student Loan Repayment Tips and FAQs for Fall 2023 Student loan payments are resuming, and there’s a lot to navigate. Discover “Good to Know” tips and get answers to FAQs so you can worry less. 6 min read

Calculate your Balance Transfer If your current credit card isn’t meeting all of your needs, consider switching to a First Bank credit card. First Bank now offers the option to transfer your balance from your current credit cards to a First Bank credit card with no fee.* We even have a balance transfer calculator on our website so you can find out exactly how much money you will save by switching to a First Bank card. Save Money with a First Bank Card First Bank’s MasterCard credit cards feature awesome benefits such as: Rewards for making every day and monthly purchases.* Credit card access benefits like online customer service and 24-hour access. Security benefits like zero liability and ID theft resolution. Convenience benefits like a 26-day grace period and MasterCard Global Service®. Shopping benefits like price protection and extended warranty. With a First Bank credit card you can: Consolidate all your debt on to one card, with one easy payment. Save money when you transfer the funds from your old card to your First Bank MasterCard. Avoid the fee other credit card companies charge for each balance transfer. Calculate Your Savings Whether you are a current First Bank customer or a customer of another financial institution, you can save money by transferring your credit card balance to our First Bank MasterCard. We offer MasterCard credit cards for qualifying individuals and business owners. You can even use our balance transfer calculator to calculate just how much money you will be saving by transferring your credit card balance to a First Bank card. All you have to do is input your current credit card balances and rates, and we’ll tell you your new cost per month and your savings per month. *Credit applications are subject to credit approval. See our Disclosure Summary for complete details on rates and fees. ——— Sources: Nolo: http://www.nolo.com/legal-encyclopedia/what-credit-card-grace-period.html Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Mastercard: https://www.mastercard.us/en-us/consumers/payment-technologies/id-theft-protection.html Mastercard: http://www.mastercard.com/sea/consumer/global-services.html 2 min read

Banks That Offer Personal Loans – North Carolina Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options? With plenty of North Carolina banks offering personal loans, it can be hard to pick which one is right for you. It is important that your personal loan provider is able to answer all of your questions and meet all of your needs. And, at First Bank, we understand that no two customers are alike and we work hard to make sure you are getting what you need. That is why we offer customized loans with competitive rates and flexible terms. Stop Searching, Start Comparing Now that you’ve found First Bank and you know how dedicated we are to meeting your needs, you can stop searching and start comparing. We offer great options for customers looking for personal loans. Each option provides you with the flexibility you need to borrow money when you need it. Personal Line of Credit Borrow money instantly Request cash by writing a check Qualified collateral may be required to secure your loan First Bank Platinum Credit Card with Rewards — A First Bank credit card allows you make everyday and monthly purchases in a convenient and secure way. Use your card to earn rewards points you can redeem for things like gifts, travel and entertainment. With your First Bank credit card, you will also receive other benefits, including: Security benefits Convenience benefits Shopping benefits Credit card interest rates can vary, but there is typically no annual fee. First Bank Home Equity Lines of Credit (HELOCs) — This type of loan is offered as a revolving sum of money you can access as need and can be a great way to finance larger projects. First Bank HELOCs: Have low interest rates Can be secured by the equity in your primary or secondary home Can be accessed with specially designed checks that are free of charge May allow interest expensed to be up to 100% tax deductible* Auto Loans — With the help of First Bank, you can purchase the new or used car—or truck—that you’ve been wanting. Benefits of auto loans from First Bank include: Competitive rates Loan amounts up to $100,000 Fast application 3 min read

Best Personal Loan Rates in North Carolina If you live in North Carolina and are looking for a personal loan, your local First Bank can help. We have over 100 locations in North Carolina that offer highly competitive personal loan rates. We make choosing a personal loan easy with flexible terms and personalized service. Personal Loans from First Bank Just as personal loan rates can vary, so can the options associated with the loan. First Bank is proud to offer a variety of personal loan options with competitive rates, such as: Personal line of credit Home equity lines of credit (HELOC) Personal credit card with rewards Auto loan Boat loans Learn more about First Bank’s personal loan options. How are Personal Loan Rates Determined? As you shop around for the best personal loan rates in North Carolina, you might begin to wonder why the rates can vary from one place to the next. So what gives? As illustrated by Loan.com, there are four primary factors that affect personal loan rates. In North Carolina, there are scores of First Bank locations that offer personal loans so your options are plentiful. Here are three things that affect personal loan rates. Credit score. Simply put, the better your credit score, the better personal loan rate you are likely to get. Loan options. There are a number of different types of personal loans and each come with their own factors of interest rates. National prime rate. Set by the Federal Reserve to control the supply of money in the economy, this rate can have a direct affect on your personal loan rate. The best way to find the most competitive personal loan rates with some of the most flexible loan options is to simply locate your nearest First Bank and speak to one of our friendly loan representatives. Loans subject to credit approval. 2 min read

Personal Loan Application – Apply for a Personal Loan When you need to apply for a personal loan, the application process shouldn’t be complicated. Avoid confusing and complicated personal loan applications at First Bank. Our application process is easy and simple. We have more than 100 locations in North Carolina and South Carolina, where you can apply for a personal loan that meets your needs. Applying For a Personal Loan is Easy at First Bank At First Bank, there are several personal loans you can apply for: A personal line of credit provides you with instant borrowing power. If you need to request cash, all you have to do is write a check. First Line is an unsecured personal loan, but in some cases qualified collateral may be required to secure your personal or commercial line. Home Equity Lines of Credit (HELOCs) are flexible options where you take out a loan using your accrued home equity as collateral. Auto loans from First Bank are offered at competitive rates. Get access to funds in as little as 24 hours and purchase the new car you’ve been wanting. Boat loans can take you one step closer to your next dream vacation. We provide loans with competitive, fixed rates and no prepayment penalty. First Bank Credit Card with Rewards First Bank also offers a Platinum Credit Card with Rewards that allows you to make everyday and monthly purchases in a convenient and secure way. With our credit card rewards program, you can earn points on every qualified purchase. Other benefits include: Online customer service 24-hour access Zero liability ID theft resolution Price protection MasterCard Global Service® Visit a First Bank Today To fill out a First Bank credit card or personal loan application, visit a branch near you. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Sources: Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Investopedia: http://www.investopedia.com/terms/o/overdraft-protection.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 2 min read

Banks That Offer Personal Loans There are hundreds of banks that offer personal loans, but sometimes choosing a bank that is the right fit you can be difficult. That’s where First Bank comes in. At First Bank, we want to make finding a personal loan as easy as possible, which is why we offer some of the best personal loans in North Carolina and South Carolina. First Bank Offers Personal Loans to Meet a Variety Of Needs Now that you’ve found First Bank, you don’t have to choose between banks that offer personal loans any more. Our personal loan options can be customized to meet your needs, and each is offered with flexible terms and highly competitive rates. Our personal loan options* include: Personal Line of Credit — This line of credit allows you to borrow money as soon as you need. You can even write a check to request cash. You may be required to provide qualified collateral to secure your personal or commercial line. Credit Card with Rewards — Enjoy the freedom to make everyday and monthly purchases in a convenient and secure way with a First Bank credit card*. Plus, earn rewards points on purchases when you use your eligible card. Home equity lines of credit — Take out a loan using your accrued home equity as collateral and fund a large project like medical bills or college tuition. Auto loans — Purchase your ideal car with the help of an auto loan from First Bank, offering competitive rates, a fast, secure application, and approval rates that last 30 days. Boat loans — We provide competitive rates and flexible terms with no prepayment penalty for our boat so you can take the plunge on your next adventure. Visit Your Local First Bank Today If a personal loan isn’t what you need, don’t worry. First Bank offers other loan options such as credit cards and business loans. To begin an application or to learn more about our loan options, visit your local branch. *Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ——— Sources: Investopedia: http://www.investopedia.com/terms/o/overdraft.asp 2 min read

Long-Term Installment Loans First Bank offers long-term installment loans and other types of lending that help small businesses cover expenses. The government-backed Small Business Association (SBA) helps business owners acquire long-term loans to help them grow, expand their services, or recover from disaster. Connect with our experts at First Bank today and find out how long-term installment loans could help your business thrive and grow. Benefits of Borrowing Long Term Long-term installment loans offer several key benefits for small business owners: Predictable, Steady Payments Long-term loans are usually repaid in steady monthly installments. But weekly or bi-weekly payments may be required, depending on the loan terms and conditions. Fixed Rates Another benefit of long-term loans are the stability of fixed rates. A fixed rate gives you more time to gradually pay back what you borrowed for costly repairs, construction, equipment, or inventory. Lower Interest Rates Many long term installment loans, because of the length of commitment, have lower rates than other types of business financing. Working with our network of lenders, the experts at First Bank will work with you to find the best choice for your business needs. Other Long-Term Installment Loan Factors Before taking out a long-term installment loan, there are a few factors to consider. What’s true of any loan is that interest will accrue throughout its lifespan. This can take years to pay off and could become a debt burden in the long run if a detailed budget is not in place. If you have existing debts, taking on a long-term loan may be risky. However, First Bank’s wide network of lending partners will provide the best available loan terms to help your business succeed. Long-Term Loans with First Bank Whether you need a long-term installment loan or something for the short term, First Bank can help you find the financing you need for your business. Find a First Bank near your and start growing your business today. ———— Source: SBA.gov: www.sba.gov/starting-business/business-financials/borrowing-money-your-business Loans Subject To Approval 2 min read

How Much Savings Should I Have At Age 30? Do you know how much savings you should have at age 30? Unfortunately, there is no exact answer. Expert advice conflicts between encouraging 30-year-olds to save more and investing their already saved money into assets. However, if you’ve been saving the recommended 10-25% of your income in your 20s, then you’re already off to a great start! Estimated Amount of Savings by Age 30 How much savings you have, or should have, depends on your income. CNN Money provides the following estimates for people in their 30s to use as a guide to retirement savings. Income Estimated Savings Amount $40,000 $60,000 $65,000 $97,500 $90,000 $135,000 $115,000 $172,500 If these aren’t the numbers reflected in your savings account balance, don’t panic! This can easily be an over- or under-estimation for many, especially depending on when in your 20s you began saving. Focus on Investing Over Saving Rather than focusing on the number you should or should not have by the time you’re 30, you should instead focus on investing and paying off your debt. You have plenty of time to save up for that trip to Bermuda, but that shouldn’t be done while you’re carrying credit card debt. Money Under 30 recommends three financial goals that you should hit by the age of 30: Pay off consumer debt as soon as you can, including credit card debt and auto loans. Save an emergency fund of at least three months’ (or more!) worth of living expenses in case you are suddenly unemployed or have to foot a pricey car repair bill. Begin investing, as that adds to your net worth more than how much you’ve set aside in savings thus far. Consult with an investment advisor before making any investments. For more advice and guidance on savings, investing and retirement, contact your local First Bank* branch today. ——— Sources: Financial Samurai: http://www.financialsamurai.com/how-much-savings-should-i-have-accumulated-by-age/ CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html Money Under 30: http://www.moneyunder30.com/how-much-money-saved-30 Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Osaic Institutions and FB Wealth Management, a division of First Bank, are not affiliated. We do not provide tax advice. Consult your tax advisor. Investment and Insurance Products are: Not Guaranteed by the Bank Not FDIC Insured Not a Deposit Not Insured by Any Federal Government Agency May Lose Value including Loss of 2 min read

You’re Upside Down . . . Now What? A look at one of the least appealing sides of home ownership—being “upside down.” 2 min read

Explore Courses to Grow Your Personal Finances

Illustration of a piggy bank with an umbrella above it.

Building Financial Resilience Learn how to bounce back from financial setbacks. 11 Topics

Smart Savings Create a plan for reaching your financial goals. 4 Topics

Paying for College Study up on ways to pay for that diploma. 10 Topics

Illustration of password field, lock, and fingerprint.

Identity Protection Safeguard your identity and your financial future. 6 Topics

Illustration of charts, a car, and calculators.

Smart Budgeting Create a financial plan for an awesome roadtrip! 5 Topics

Illustration of clipboard with charts, a credit card, and a calculator.

Family Financial Planning Bring the family together to talk about a financial plan. 7 Topics

Illustration of shopping bags and charts.

Smart Investing Explore how you participate in the economy and the global market. 5 Topics

Illustration of a piggy bank and smart phone.

Starting Out Take smarter first steps into personal banking. 5 Topics

First Bank personal credit card with rewards attached to a clipboard.

Get rewarded for qualified everyday purchases View Credit Cards

Smartphones showing First Bank MyMoney financial charts.

Discover the joy of financial clarity with MyMoney View Features

Get In Touch

First Bank has the resources you need, when you need them. Our personal banking services are there for you at the right time, every time.