So, to recap: debt consolidation: One payment, often at a lower interest rate, with less interest charges. And, very possibly, a lower one.Īnd in most cases, you actually pay off that debt while saving thousands of dollars in interest payments - even more, if you keep paying the same amount you paid before consolidation.Īnd if you’re wondering where you might get that personal loan.We may know some people. Instead of making five or six different payments to all those creditors, you’re making ONE payment. With debt consolidation, you’d combine the $10,000 of credit debt you owe into a personal loan likely with a much lower interest rate. Luckily, there’s a solve for too much credit debt. Yet, the amount you still owe never seems to REALLY go down.
Using the average national interest rate, you could be around $1,500 on that $10,000 every year - just in interest. Let’s say you owe $10,000 to multiple creditors, and you’re paying the monthly minimum to each of them.ĭifferent creditors. That’s what it feels like to have too much debt from too many creditors. Every try herding cats?Īnd, like kittens, your credit debt has a tendency to grow bigger. The problem is that over time, you’re likely to add to your credit debt. It’s like having your first credit card with a $500 limit and a monthly payment that’s totally doable. Home Checking & Savings Accounts Checking Accounts Why choose a SAFE Federal Credit Union checking account With no fees, advanced digital banking, and convenient debit card access, SAFE’s checking accounts come packed with all the features you’re looking forall for free. Right now, Credit Card is cute and cuddly and manageable. As a matter of fact, let’s just name him ‘Credit Card.’ Consolidate Your Debt: a Video SummaryĪ kitten is a lot like the credit debt you have when you’re first starting out. Join SAFE Cents host Mark (and a cat he named ‘Credit Card’), as he teaches you a much easier way to pay off your debt without all the trouble. Nor do you appreciate all the creditors caterwauling to be paid. It’s a hassle that often requires spreadsheets, and you don’t want that. is in debt to some degree-probably because getting into debt is just so fun and easy to do. Your APR will vary with the market based on the Wall Street Journal prime rate.Nearly every adult in the U.S. *APR = Annual Percentage Rate are based on credit worthiness and prime rate. Conditions and terms are subject to change without notice. All loans are subject to creditworthiness and credit approval. Payment Example: for $10,000 at 7.99% APR for 60 months your payment would be $203/month.
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Proof of address and verification of income are required.
Debt consolidation available only for loans financed by institutions other than SAFE. Terms and conditions are subject to change at any time without prior notice. The stated monthly payment amount does not include taxes or insurance costs and, therefore, the payment obligation will be greater. An example of a typical 30-year fixed rate mortgage with a down payment of 20% is as follows: a loan amount of $250,000 with a note rate of 4.875% with an APR of 4.931% would result in a monthly principal and interest payment of $1,323.02. For fixed-rate mortgages, Annual Percentage Rates (APRs) are not subject to increase after consummation. Loans are subject to credit union membership, eligibility and verification of information provided on the application. Payment example: on a $15,000 loan at 5.50% APR for 60 months, your payment would be $287/month. Rate is determined by credit score, term, and model year of vehicle. Financing up to 84 months available for qualifying vehicles. On a $35,000 auto at 6.24% APR for 84 months, your monthly payment would $520/ month. Payment example: on a $35,000 auto at 5.49% APR for 60 months, your payment would be $670/month. Rate is determined by credit score, term, and vehicle model year. Proof of address and verification of employment are required. Auto refinancing offer applies only to loans financed by institutions other than SAFE.
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