Finance terminology can be a dense and overwhelming subject. To simplify the process, we’ve compiled a comprehensive glossary of finance terms that are essential for adults to know. Financial Terms & Definitions Adjustable-Rate Mortgages An adjustable-rate mortgage (ARM) is a mortgage with a variable interest rate. Initially, the interest rate is usually below the market… Read more »
HRCCU Blog on Finance, Banking, Saving & More – Page 11
7 Main Factors That Determine Loan Amounts
Prospective borrowers must consider quite a few factors before applying for a loan of any type, most importantly, perhaps is how much they can borrow. Loan amounts and borrowing capacity greatly influence a borrower’s budget. For financing milestone purchases such as a first home, this is a big deal. Whether it’s an auto loan, personal… Read more »
The Truth About Payday Loans: Making the Right Decision
A payday loan is a type of unsecured personal loan, also known as a cash advance loan or check advance loan, that is short-term term with a high-interest rate. While some lenders use a portion of a borrower’s earnings as collateral, it is not always required for this quick credit option. But needing collateral is… Read more »
Local High School Graduates Awarded College Scholarships by HRCCU
As a local, not-for-profit credit union, the staff and board of directors at Hudson River Community Credit Union (HRCCU) are dedicated to helping members of its surrounding communities. One way of achieving this is by awarding local, college-bound, high school graduates with scholarships to help relieve some of the financial burden often faced with paying for… Read more »
How to Negotiate a Car Lease
A car lease is an agreement between the lessee and the lessor — typically a car dealership — to drive a vehicle for a limited period of time and an allotted number of miles, for a specific price. Unlike auto loans, however, car leases are typically for borrowing a car rather than building equity towards purchasing a car. Find out which type of auto financing agreement — to buy or to lease — is best for you…. Read more »
Hudson River Community Credit Union Announces Board of Directors Appointments
Hudson River Community Credit Union (HRCCU) has announced its officers for their 2021 Board of Directors: Charles Pasquarell, III, President; Dino Rosati, Vice President; Carol Ann Pacco-Long, Treasurer; and Thomas Uncher, Secretary. These officers will provide strategic direction for continued growth around HRCCU’s mission – to improve the well-being of members and their families by… Read more »
Hudson River Community Credit Union Named 2021 Healthiest Employer
With the rise of COVID-19, employee health and wellness has become more important than ever in the workplace. That is why we at HRCCU are proud to announce that the Credit Union has been named a 2021 Healthiest Employer by the Albany Business Review for the third straight year in a row! The 24 companies… Read more »
How to Explore the Hudson River Valley on a Budget
The warmer weather has arrived, and school is almost out for the summer, giving many of us the urge to travel and explore — especially after more than a year of quarantining and social distancing. If you live in New York State, or a surrounding state, you don’t have to travel far to discover some… Read more »
Differences Between Good Debt vs. Bad Debt
A substantial (and obvious) case can be made that no debt is good debt and it’s better for people to have a debt-free financial record. But borrowing money or taking out loans is how many of us are able to purchase big-ticket items — like a vehicle or a house. Both of these loans are… Read more »
Why Do I Need a Co-Signer for My Student Loans?
As students and young adults prepare for college, it is not uncommon for them to need financial assistance to help cover the costs of their education. And when financial aid is not available or doesn’t cover enough of the costs, a student loan could be a solution. Needing a loan is not uncommon. In fact,… Read more »
