While it is true that you can’t borrow your way out of debt, you can borrow smarter. With a debt consolidation loan, you can take multiple debts such as credit cards, medical bills or other personal loans, and consolidate them into one loan, usually with a lower interest rate and payment that allows you to pay off the debt faster and with less interest.
If you are focused on improving your financial situation this year, we can help. With several options available to assist our members, we will work with you to determine the best solution and make sure that your debt consolidation plan puts you on the road to financial success.
Debt Consolidation Loan Options
- Signature Loans – A fixed rate personal loan which usually has a lower rate and shorter term than credit cards and other personal loans. This can save you money monthly as well as reduce the overall interest you pay on your loans.
- Home Equity Loan or Line of Credit – If you own a home and have some equity, you can utilize the equity to consolidate debt into a lower rate and payment, thereby saving you money. These loans usually have a lower interest rate than a signature loan and the terms can be longer, resulting in increased monthly savings.
- Credit Card – Transferring balances from other, high-rate credit cards to a Focus MasterCard at a lower, fixed rate, can save you money.
- Secured Loan – If you have collateral such as a vehicle, boat, or motorcycle, you can use those to get a secured loan to payoff debt. Secured loans are usually at a lower interest rate than a signature loan resulting in lower monthly payments and interest.