There are several ways to manage your debt, and Heritage Valley is here to help you get it under control.
If you have debt from multiple sources, including credit cards and loans, then a personal or home equity loan is the best way. If credit card debt keeps you down, consider a balance transfer to our low-interest credit card.
Regardless of which option you choose, the benefits of consolidating your debt are the same.
Turn Multiple Payments into a Single Payment
Debt consolidation is all about making your life simple. Instead of paying three or four debt sources each month, you’ll only have one payment to worry about. The debt is still there, but it is easier to manage when you only have one loan to track.
Lower Interest Rates
Credit unions are known for their low-interest rates, while credit cards and pay-day loans are infamous for their high-interest rates. Consolidating your debt into a loan with a lower interest rate will help you save money in the long run.
Can Improve your Credit Score
Consolidating your debt means you are paying off your existing credit cards and loans, and opening a new one. You could see a boost in your credit score since you’ll be reducing your credit utilization rate.
If you’re not sure where you stand with your credit score, come see us for a credit check-up.
Stress Less
Keeping track of multiple payments can be very stressful, especially if you are living on a fixed income. Put your mind at ease with a debt consolidation personal loan, and have one fixed payment each month.
Pay it off Faster
If you can only afford the minimum payment on your credit cards, it could take years before it’s actually paid off. When applying for a debt consolidation personal loan, you choose the length of the loan, also called the term. You’ll have a set pay-off date, and depending on factors like income, credit score, and how much you owe, you could pay it off sooner paying off the debts individually.
If you’re not sure that debt consolidation is right for you, you can schedule an appointment with one of our loan officers, and they will review your credit report with you, and together we can make a plan that suits you best.
