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The Truth About Debt Consolidation

When you’re overwhelmed with debt and have more monthly bills than you can count, it’s easy to feel like there’s no way out. That’s where a debt consolidation loan can help.

A debt consolidation loan, as the name implies, is a type of debt refinancing that consolidates several debts, such as credit cards, medical bills or other personal loans, into one debt that is then paid off with a personal loan financed through a credit union or bank. A debt consolidation loan can help you save money by lowering your interest rate from a typically high credit card interest rate to a lower refinancing loan rate.

Having your debt consolidated to one monthly payment can reduce the stress caused by having a number of different payments due each month and can help you budget your money and stay on-track and on-time with repayment.

Despite the advantages, a debt consolidation loan isn’t the right solution for everyone. There are some important questions to ask yourself before visiting the credit union to secure this type of loan.

For more information on debt consolidation or other financial questions, stop by any Champions First Credit Union branch or call (850) 224-4960 (Tallahassee) or 877-463-7828 (Toll Free).

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