Credit is like a lavish buffet of food: It's easy to overindulge, and you usually pay the price later. If you've overdone it in the past year, start a new plan to get it right by consolidating your credit card or other bills with a personal consolidation loan from the credit union. A debt consolidation loan can save you hundreds of dollars because it's very likely your local credit union's interest rates are lower than the high interest rates you may be currently paying on revolving credit cards. For example, department store credit cards may have rates as high as 28 percent (sometimes even higher). Credit cards are also prone to fees for any little misstep. Pay your minimum due even a day late, go over your limit, or use an ATM out of your network, and you can be hit with high fees that only benefit the credit card company.
A debt consolidation loan can simplify your financial life, because you'll only have one bill to pay. Pooling all your debt into one lo
an allows you to not worry about when the bill for credit card X, Y, or Z is due. With one loan, you have one payment each month. With a lower interest rate from your credit union, you will also have your debt paid off sooner than if you continue using your credit cards and making minimal payments each month.
Debt consolidation loans can also help improve your credit score. Just be sure you don't consolidate your credit cards onto a loan and then load up the balances on your credit cards again. That would have the effect of lowering your credit score since your debt ratio would would increase. Using a debt consolidation loan and leaving your credit cards at home can help lower your debt ratio, which has a positive effect on credit scores.
You can also use a debt consolidation loan to get back on track financially by putting the money you would have paid in interest into your credit union share savings account. It's especially easy when you use one of your credit union's automatic savings plans, because what you don't see, you won't miss. By the time your consolidation loan is paid off, you might be amazed at how much a little saved each month has added up.
So, if you have overindulged in the credit buffet, check with your local credit union for lower rates, personal service, and the convenience of a debt consolidation loan . Take control of your finances by calling your local credit union today.
Check out Credit Unions Online's
Credit Card Payoff Calculator to see how long it will take to pay off that high-interest rate credit card.
images/.png" width="200" border="0" alt="Time To Get Debt Under Control: Consolidate Bills - April 02, 2009" title="Time To Get Debt Under Control: Consolidate Bills - April 02, 2009" align="left" class="newsimage" />Credit is like a lavish buffet of food: It's easy to overindulge, and you usually pay the price later. If you've overdone it in the past year, start a new plan to get it right by consolidating your credit card or other bills with a personal consolidation loan from the credit union. A debt consolidation loan can save you hundreds of dollars because it's very likely your local credit union's interest rates are lower than the high interest rates you may be currently paying on revolving credit cards. For example, department store credit cards may have rates as high as 28 percent (sometimes even higher). Credit cards are also prone to fees for any little misstep. Pay your minimum due even a day late, go over your limit, or use an ATM out of your network, and you can be hit with high fees that only benefit the credit card company.
A debt consolidation loan can simplify your financial life, because you'll only have one bill to pay. Pooling all your debt into one lo
an allows you to not worry about when the bill for credit card X, Y, or Z is due. With one loan, you have one payment each month. With a lower interest rate from your credit union, you will also have your debt paid off sooner than if you continue using your credit cards and making minimal payments each month.
Debt consolidation loans can also help improve your credit score. Just be sure you don't consolidate your credit cards onto a loan and then load up the balances on your credit cards again. That would have the effect of lowering your credit score since your debt ratio would would increase. Using a debt consolidation loan and leaving your credit cards at home can help lower your debt ratio, which has a positive effect on credit scores.
You can also use a debt consolidation loan to get back on track financially by putting the money you would have paid in interest into your credit union share savings account. It's especially easy when you use one of your credit union's automatic savings plans, because what you don't see, you won't miss. By the time your consolidation loan is paid off, you might be amazed at how much a little saved each month has added up.
So, if you have overindulged in the credit buffet, check with your local credit union for lower rates, personal service, and the convenience of a debt consolidation loan . Take control of your finances by calling your local credit union today.
Check out Credit Unions Online's
Credit Card Payoff Calculator to see how long it will take to pay off that high-interest rate credit card.
