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Should You Try Debt Consolidation Loans?

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Debt can be scary, but the worst thing you can do is hide from your debt and pretend it isn’t there. Take back your life and financial sanity by consolidating your debt with a debt consolidation loan.

What Is Debt Consolidation?

Debt consolidation refers to the action of a borrower taking out a new loan in order to pay off other loans and debts that may carry a higher interest rate. The types of debts that motivate people to consolidate their debt with a personal loan include medical bills, credit card debt, or payments on a high value item like a car or SUV.

Why Should You Consolidate Your Debt?

debt consolidation loan

Debt consolidation can be a good option for you if you have multiple student loans or personal loans and lines of credit to pay off all at once. Many people find that it is easier to lessen the number of loans instead of paying each loan off at the same rate. Consolidating your debt can simplify your financial life, as some people find it difficult to keep track of various payments on different loans every month.

Debt consolidation loans can offer some relief to people, since borrowers can pay off their debt over a longer period of time. It can seem daunting to think five years down the road, but consolidating your debt may give you the power to pay off your debt on your terms.

Home Equity Loans to Pay Off Debts

Some families and homeowners take a home equity loan or a line of credit in order to pay off other debts. If you consolidate your debt with this type of loan or line of credit, you are using your home as collateral. Make sure you talk with a financial advisor or your friendly credit union loan officer to see if this type of debt consolidation loan is right for you.

Things to Remember About Debt Consolidation

debt consolidation loan

If you take out a personal loan or open a credit card for debt consolidation purposes, there are a few things to keep in mind. Taking out a personal loan for debt consolidation does not mean you can live beyond your means.

A debt consolidation loan can work for your life if the loan has a lower interest rate than your other loans that you are currently paying off. Make sure you know the details of your personal loan or line of credit before you agree to the terms of borrowing more.

Debt Consolidation Loans at Great Basin FCU

Fight the scary debt dragons with a little help from your trusted partners at Great Basin Federal Credit Union. At Great Basin FCU, we offer a Lifestyle Loan to credit union members who may be in a bind. Our Lifestyle Loan program is ideal for debt consolidation with low, fixed payments and no collateral required. Take the time to tackle your debt, as Great Basin FCU’s debt consolidation loan is available in terms up to five years! We can also talk to you about using your car or home as collateral for a debt consolidation loan.

Apply for a loan to consolidate your debt with Great Basin FCU today!

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