Managing your finances

CDs
Government -backed opportunities are the only real safe haven for most consumers with limited investment budgets. Consumers can take advantage of extended FDIC insurance up to $250K thru year-end 2009 (up from $100K).

How to select a bank?
Perform due diligence
Research banks online - FDIC.gov
Check out most recent financial statement
Or, request financial statement directly from bank

Managing Your Finances
Mortgage refinancing
1. Interest rates have been decreasing
2. Good time for consumers to lower monthly payments

Avoid rolling credit card debt/balances
1. Mass, direct-mail offers can be misleading (e.g., zero-percent interest rates)
2. Roll-overs can have negative impact on credit rating

Establish a rigorous budget and prioritize bill payment
1. Develop a plan you can live with and stick to it
2. Give highest priority to staying current with monthly mortgage payment

Soul-searching/brainstorming - find your entrepreneurial spirit
1. As economy recovers, there will be opportunities to launch new businesses
2. Small-business start-up loans will become more available

Cross River Bank
885 Teaneck Rd.
Teaneck, NJ 07666
877-552-7255
www.CrossRiverBank.com