Have a plan for the unexpected.

Having debt can be stressful, but there are ways consumers can manage the amounts they owe. The most important thing is to determine the best way to pay off debt for your unique situation. Most of the time that means making regular, on-time installments and dedicating more than the minimum payment each month to the bill. In some rare instances, though, quickly paying off debt may not be your best option. Here are a few situations that may warrant smaller debt payments.

Having debt isn't necessarily a bad thing as long as you manage it the right way and have a plan to pay it. Two popular strategies of debt repayment are the snowball and avalanche methods. Each has a unique structure and benefits, but they both are based on the concept of choosing one debt to pay down at a time. Learn more about which is best for you.

This week’s employee spotlight is Monica Almroth, our new Assistant Branch Manager for the NW 27th and Vaughn Branch. In 2009, Monica joined OnPoint as a Member Services Specialist and has worn many hats since then, including Loan Closer, Indirect Relationship Officer, Member Services Team Lead, and Member Services Trainer. We’re all looking forward to her taking on her new role as Assistant Branch Manager. She deserves it!

Loans provide people a means to make large purchases, then pay off the expense in installments over time. Common types of loans are student, home, business, and auto loans, though not all loans fall into these categories. In fact, if you're looking at options to make a major purchase or complete a long-term project, a personal loan could be a smart option.