Beecher, IL (Jan. 10, 2023) — First Community Bank and Trust (FCBT) and the Independent Community Bankers of America (ICBA) are offering tips to help customers plan for their financial future by establishing and maintaining good credit habits for financial wellness and prosperity in the New Year.

“Good credit is a blueprint for financial success, so it’s essential to create a track record that demonstrates sound money management principles as you plan your financial future,” said Steve Koehn, Senior Vice President at FCBT. “Your neighborhood community banker can work with you to create a budget that reflects your short- and long-term financial goals so you can avoid financial setbacks and stay on the path to financial independence.”

FCBT and ICBA offer the following tips to help consumers build and sustain good credit.

• Stay up-to-date on your credit score by using our free "My Credit Score" service located in First eBanc Mobile.
• Open a checking account and keep careful track of your balance to help establish a credit history.
• Use debit and credit cards for convenience and safety. Be careful not to overspend and avoid missed or late payments, which can damage your credit and hurt your credit score.
• Develop a good mix of credit (such as a revolving credit line and an installment loan) to boost your credit score and demonstrate that you can manage different types of credit.
• Show stability in the three to six months before a major purchase. Avoid opening or closing accounts or moving large amounts of money around.
• Build an emergency fund equal to at least six months of living expenses. Establish a financial cushion to help absorb unexpected expenses and avoid penalties and fees for missed or late payments.
• Alter your credit focus as you approach different life stages. While Gen Z might be saving for a down payment, Gen Xers or baby boomers may be paying down debt to plan for retirement, respectively.
• Monitor your credit regularly so you can correct any errors and detect potential signs of identity theft. Order a copy of your credit report annually from annualcreditreport.com.

“By establishing good spending and saving habits early you’ll be able to make your money work for you and speed up your recovery from temporary financial roadblocks,” ICBA President and CEO Rebeca Romero Rainey said. “Reach out to your local community banker who can offer sound financial advice to help you navigate pivotal financial milestones and plan for your future.”
 

About First Community Bank and Trust

First Community Bank and Trust is a privately-owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 100 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

Press Contact:
Steve Koehn, Senior Vice President
First Community Bank and Trust
(708) 946-2246

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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