Apr 29, 2013

Community Banking

Did you know April is Community Banking Month?  When you’re a community bank, it’s really a reason to celebrate.  At Bank of Luxemburg, our involvement started in 1903 with a group of local farmers pooling their assets together to open a community bank, and that commitment to Luxemburg and the surrounding communities remains strong today.  Bank of Luxemburg remains an involved and supportive part of the community whenever possible.

Bank of Luxemburg is a corporate sponsor for a variety of events including:
  • The Kewaunee County Fair
  • Mardi Gras Event
  • Taste of the County

Bank of Luxemburg supports the economic development of our community through:
  • Kewaunee County Economic Development Program
  • Main Street Program
  • Buy Local Initiative in Kewaunee County

Bank of Luxemburg holds various “drives” to help those in need including:
  • School Supply
  • Toys for Tots
  • Food

There are other ways Bank of Luxemburg stays involved:
  • High School Sports Sponsorship Opportunities and Programs
  • Summer Cookouts (with proceeds benefitting local organizations)
  • Community Easter Egg Hunt
  • Participation in Local Parades

Supporting a local bank means supporting yourself and others like you in the community.  We think our employees say it best.  Check out our YouTube video where real Bank of Luxemburg employees share what community banking means to them.

Apr 8, 2013

Overwhelming Debt?

No one wants to be in debt.  But…it happens.  Instead of giving up and continuing down the same path, think about taking a good, hard look at your debt and coming up with a plan to get out of debt.  The good folks at Bank of Luxemburg also want to help, starting with these easy steps:

Step 1--Don’t Panic
Some people work well under pressure.  More often though, too much pressure can be a hindrance to finding success.  If you are bearing an emotional load due to the debt you’re experiencing, it may be difficult to move forward and deal with it.  With that being said, stop feeling bad and start looking ahead.  The damage is done, and all you can do now is work to fix it.  Any other energy you expend feeling “bad” about it, is quite frankly, just wasted energy.

Step 2--Look at the Big Picture
Are you on the run from creditors?  Is your debt so crushing that you are living in a box, going to bed hungry each night?  Can you not afford the essentials for your children?  Chances are, despite your debt, you have it pretty good.  Keep that in mind as you forge ahead to handle your debt.  Chances are your debt is from a few maxed out credit cards and ongoing student loans.  Count your blessings and realize that compared to the other 97% of the world, you’re actually doing just fine.

Step 3--Make a Plan
To avoid increasing late fees and finance charges, it’s important to not stand idly by and do nothing.  A plan is necessary—a good, solid plan.  Start by looking at how much money you bring in each month and comparing that to how much goes out each month.  What are you spending money on?  Do you see places right off the bat where you can start cutting?  (Sorry morning latte.)  Find as many places to cut your expenses as possible, even if that means a smaller cell phone plan, doing without cable TV, and cancelling monthly memberships and subscriptions.  These cut backs may only be for a short period of time until you get back on track.

List your debts in order of importance:  As you look at the credit cards that are maxed out, consider making extra payments on the ones with the largest interest rates first and then move down the line.  You can even contact the credit card companies and negotiate lower interest rates.  (Minimum payments are not going to cut it, if you want to get out of debt.)

Step 4--Search Out Help
Let’s be honest, sometimes it’s hard to be unbiased when you’re too close to the problem.  That’s why financial experts exist.  A good credit counselor can advise you more objectively on places to cut back, whether debt consolidation is best, and how long it will realistically take to pay off debt.

Reaching out to local experts who can help is a smart idea.  Bank of Luxemburg has staff available for debt consolidation and financial planning.  Call Bank of Luxemburg today at 920 845-2345 to start down a better path.