About Us

Since 1883, Modern Woodmen of America has brought people together, supported families and strengthened communities.

About Us
Careers
Modern Woodmen of America, Rock Island, IL

Looking for a meaningful career?

Grow with Modern Woodmen! As a financial representative, you can make a positive impact for your family and your community.

Financial Planning

We can help you meet your current needs, achieve your future dreams and plan for all stages of life.

Planning for Life
Stories of strength from our history
A female nurse taking care of a male patient at Modern Woodmen's tuberculosis camp in 1909.

Persevering Through Uncertain Times

Our Products

Modern Woodmen maintains a portfolio of high-quality financial products that can help you meet a wide range of life needs.

Our Products
Don't know where to start?
Couple meeting with a Financial Rep

Financial planning

Browse our helpful tips and articles to understand what’s important to you and your loved ones.

Resource Hub

Visit our Resource Hub to learn more about life insurance and potential solutions to protect you and your loved ones. It’s a great place to find the answers to your questions and some hints from professionals.

Visit Resource Hub
Our guide to applying for life insurance

What to expect from the life insurance application process

From commonly used terms to hints for the medical exam and more, our handy guide helps you understand the application process.

 

My Membership

When you join Modern Woodmen, you become a member of the organization. You trust us with your financial needs. And you have the opportunity to access fraternal member programs and impact your community.

My Membership
Member Website
Father daughter playing together

Member Website Overview

Make a payment, update your address, and access account information, online forms and fraternal programs from the member website.

Clearing the Fog

Where to start lifting debt from your life

Article Hero Image
Savings
Article Hero Image
Savings

The mere sound of the word hangs in the air like a thick, gray fog. In its midst, you feel hopeless, trapped and confused. Which way should you turn? How can you see your way out of a cloud of swirling debt?

If you have debt, you’re not alone. About 77% of U.S. households have some kind of debt, according to the Federal Reserve. It’s how many families buy homes and cars, fund their children’s educations, and purchase other items they need now, but can pay for over time.

Not all debt is bad. Unfortunately, it can add up quickly. Americans’ household debt totaled $17.69 trillion in the first quarter of 2024, according to the Federal Reserve Bank of New York. And as debt rises, so do delinquencies (payments 30 or more days past due) – especially among young people.

If debt is shrouding your life, you can find your way out of the fog. Here are some factors to help you determine where to turn first.

Mortgage debt

Debt can be classified as either “good” or “bad,” though each type has both pros and cons. “Good” debt generally carries lower interest rates and has the potential to increase your net worth, generate income, or significantly improve your life.

A home or real estate mortgage is one type of “good” debt. Property value tends to appreciate, mortgages tend to have lower interest rates, and buyers can build equity (the difference between what’s owed and what the property is worth). You can receive tax benefits for buying your home (versus renting), sell your home for a profit, or rent it out for income.

It can be tempting to try to pay off your mortgage early, since it comprises the largest share of most families’ total debt. Eliminating your mortgage payment can save you tens of thousands of dollars in interest over the life of your loan and improve your credit score. But there are trade-offs.

The extra money you apply to your mortgage could leave you with less cash flow for daily expenses, an emergency fund, investing for higher returns (though not guaranteed), or paying off higher-interest debt. Plus, you could lose valuable tax advantages.

Student loan debt

Student loans are another type of “good” debt because higher education can substantially increase your earning potential. According to the U.S. Bureau of Labor Statistics, the average college graduate earns $579 more per week (about $30,000 more per year) than a high school graduate.

If you’re debating a college decision, it may be a good idea to weigh the cost of a degree compared to what you can expect to earn in your chosen field. If the earnings don’t match the investment, student loans might be a “bad” debt to incur.

Your student loans could be considerable. However, federal student loans usually have a low interest rate. If you have higher-interest debt, you may want to concentrate your resources to paying that off before turning to your student debt.

Auto loan debt

Debt is considered “bad” when it’s used for purchases that don’t increase your net worth, depreciate quickly and bear higher interest rates. Though a personal vehicle is a necessity for many people, you’ve probably heard they start losing value “as soon as you pull off the lot.”

According to Carfax, the value of a new vehicle drops by about 20% in the first year and about 15% each subsequent year you own it. After five years, it will retain only about 40% of its purchase price.

If your auto loan has a higher interest rate than your mortgage or student loans (or if you don’t have these types of debt), paying off your auto loan early could save you money on interest and improve your credit score (after a small initial drop). It will also reduce your debt-to-income (DTI) ratio and increase your cash flow. This can help if you’re saving for a large purchase, like a new home.

Be sure to check your loan contract for prepayment penalties (usually 1% of the original loan amount, according to Investopedia).

Credit card debt

The pitfalls of credit card use are well-known: high interest rates, averaging over 20%, that make repayment difficult; purchases of clothes, vacations and other items that depreciate almost immediately; and the ease of overspending. It’s the definition of “bad” debt, and unless you’re able to pay it off in full every month, it’s a vicious cycle you should escape as soon as possible.

Lifting the fog

While most Americans have debt, no one’s circumstances are the same. If you’re living under a cloud of debt, talk to your Modern Woodmen representative and other financial professionals. They can help you with an individualized plan to save money, pay down your debts, and clear the way for a strong financial future.


By the numbers

U.S. households owe:

  • $1.12 trillion on credit cards.
  • $12.44 trillion on mortgages.
  • $1.62 trillion on vehicle loans.
  • $1.6 trillion on student loans.

Source: Federal Reserve Bank of New York

Your financial representative

Meet a Modern Woodmen representative in your community and begin to explore how shared values can work for you.


Find a rep near you

Need help finding a representative?

If you’re unable to find a Modern Woodmen representative in your community, we’d like to help.

Contact the home office

I'm here to help

Headshot of Representative Cameron Smith
Cameron Cameron
Phone: 000-000-0000
Get started
Find another representative

Additional products and services

Talk to a representative to see what's best for you.

Mutual funds
Product

Mutual funds

Mutual funds give you the ability to invest in a diversified portfolio of stocks, bonds, cash equivalents or other investments without requiring you to invest a large amount of money.

Discount Programs
Fraternal program

Discount Programs

Member families can save money on electronics, pet supplies, entertainment and much more through our discount partnership with PerkSpot.