Credit Cards | Debt Consolidation
3 Myths About Debt Consolidation Loans Debunked
If you rank among the millions of people struggling with high credit card balances and other types of debt, don’t let sometimes false or misleading information lead you away from viable solutions. Although some news about debt consolidation loans may seem convincing, those phony narratives remain far removed from the truth. After understanding the following myths about debt consolidation loans, it may be in your best interest to contact America's Credit Union to discuss your financial situation and possible debt consolidation solutions.
3 Reasons the Best Debt Consolidation Loans are Home Equity Loans
If you are like many homeowners who feel consumer debt has reached a tipping point, securing a home equity loan could prove invaluable. Qualified borrowers who put equity to work often consider these products the best debt consolidation loans, bar none. Although everyone possesses a unique financial portfolio and has different long-term goals, leveraging a portion of your home’s equity can deliver the relief working families deserve. Here are the reasons why America's Credit Union Lending Specialists say using a home equity loan for debt consolidation is a viable option.
7 Secrets Revealed: How to Pay Off Credit Card Debt Fast
If you feel overwhelmed by mounting debt, you’re not alone. Americans reportedly have more than 500 million credit cards and balances exceeding $807 billion. The average family credit card debt stands at approximately $6,270, and there are no quick fixes for people with multiple cards and mounting debt. Although credit cards offer great benefits such as added protection when compared with cash, convenience, and the necessity for online purchases, they can become a crutch for those who struggle to use them correctly. If you feel like you are in quicksand trying to gain control of your credit card spending, the following strategies provide a roadmap of how to pay off credit card debt quickly.
How to Explain a Debt Consolidation Loan to Your Partner
When committed couples find themselves wading in a quicksand of debt, the value of a lifeline cannot be understated. Excessive debt strains relationships and reduces the quality of life. Rather than continue to spin your wheels while sinking deeper into financial stress, there comes a time when family members need to have a heart-to-heart talk about finding a solution. One of the tried-and-true strategies couples employ involves consolidating debt by bringing wide-reaching accounts under one roof at a lower interest rate. Following this strategy, couples can apply for a debt consolidation loan in order to regain their financial health and the emotional well-being that comes with it.
Debt Relief: What They Didn't Teach You in School
Given the average American carries more than $90,000 in personal debt, it doesn’t take much to push someone over the fiscal edge. A significant medical condition, unexpected work disruption, or other issues that reduce income can overwhelm personal finances. Once expenses exceed salaries, borrowers find themselves on a slippery slope. Interest and fees begin to mount as hard-working families grow increasingly indebted. Once people start falling behind on monthly payments, the harassing phone calls, text messages, and collection notices never let up. But the good news is that there are debt relief solutions available. By conducting some due diligence to develop a debt consolidation plan, you can breathe a sigh of relief knowing solutions are available, and America's Credit Union is ready to help.
Credit Card Consolidation vs Debt Consolidation What’s the Difference
When people start to feel overwhelmed by the total balances on their monthly bills or feel like they are barely able to afford the minimum monthly payments, they start to wonder if there is any possible relief. Debt consolidation and credit card consolidation are solutions that help pay off multiple balances by combining them into a streamlined monthly payment. Credit card consolidation typically involves paying off your existing credit card debt with a new, lower-interest loan or credit card that saves you money by offering a more manageable monthly payment or providing a shorter payoff period. General debt consolidation doesn’t differ significantly. It involves the same long-term strategy of lowering monthly expenses, shortening the length of the loans, and restoring financial well-being. But this solution can include bringing multiple forms of debt such as medical bills, car loans, personal loans, and credit card balances under one roof. Although the differences may seem subtle, you should conduct the proper due diligence and be sure you understand the general pros and cons before signing off on a debt or credit card consolidation solution.
Membership in America’s Credit Union is open to anyone who lives or works in Dallas, Rockwall or Collin Counties, Texas, and their family members. Employees of select employers may also be eligible. See our Membership page for details.