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5 Steps to Eliminating Debt

Published: March 24, 2025

Access Your Current Situation
Cut Unnecessary Expenses
Choose A Repayment Strategy
Consider Debt Consolidation
Stay On Course and Be Patient

The first step to eliminating debt is understanding where you are. By developing a complete picture of your finances, you can confidently prioritize which debts to tackle first.

Once you have an overview of your financial situation, it’s time to review spending habits and cut back on non-essential expenses. The more money you can free up, the more you can put towards your debt to pay it off faster.

Third, choose a repayment plan. There are two strategies to consider: the snowball method and the avalanche method. The snowball method prioritizes paying off the smallest debt first, giving you the satisfaction of eliminating each debt item and the motivation to work towards the next. The avalanche method prioritizes the highest-interest debt first, helping you save money in the long run.

Fourth, consider consolidation if you are juggling multiple debts with varying interest rates. Putting them together into one loan could simplify the repayment process. Streamlining your finances makes it easier to focus on long-term goals.

Finally, keep moving forward and give yourself grace. Seek help from Brewery Credit Union. We have guided members to achieve many goals. Through open conversations and tailored action plans, we’ve helped members better their credit scores, enabling them to secure their first vehicle, home, and so much more. Brewery Credit Union is a better place to borrow and save!

BREWERY CREDIT UNION MISSION STATEMENT

“Providing superior financial service while economically empowering our Members and Community.”

We do our best every day to complete this mission with the greatest member satisfaction and highest quality service.

MEMBER OWNED

We have members, not customers. Brewery Credit Union is governed by a volunteer Board of Directors elected by the member-owners.

NOT-FOR-PROFIT

As a not-for-profit organization, we focus on meeting members needs. This means we take our profits and use them to offer lower loan rates, higher savings rates, and fewer service fees.

PEOPLE HELPING PEOPLE

Every day at Brewery Credit Union, you invest in the community and the community invests in you. We lend deposits to members who and work in Southeastern Wisconsin neighborhoods, making sure your money stays here.

WE ARE A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI)

Brewery Credit Union (BCU) offers the same commitment to our members since we chartered in 1934 as Brewery Workers Credit Union. The Brewery Workers Union Local 9 represented the many breweries and malting companies in Milwaukee. They formed the Credit Union for those in the brewing industry to have a safe place to borrow and save. The Brewery Workers Union Local 9 was also the original home of the Brewery Workers Credit Union. The Credit Union moved to Schlitz Brewery for a number of years until building our current home on Dr. Martin Luther King Jr. Dr. In 1984, the Credit Union changed our name to Brewery Credit Union and currently offers membership to anyone who lives in Milwaukee, Ozaukee, Waukesha, Racine, Kenosha, or Washington counties, in addition to members of the Museum of Beer and Brewing. “Once a member always a member,” means should you ever relocate out of the area, your membership can continue.

Our members have access to the many products and services that Brewery Credit Union offers. We pride ourselves on offering new technology to make transacting business easier and faster than ever. The Credit Union’s mission of economically empowering our members and communities means that we will not judge a member for a blemished past. We want to help our members reach their financial goals and dreams. We believe that everyone deserves the opportunity to achieve financial security and have access to safe, low-cost financial products and services. If you believe our mission will benefit you financially, or your membership will support members seeking to benefit from our mission, we would like you to become a member/owner of our great organization.