How a Debt Consolidation Loan can Simplify Your Life
With so many responsibilities in your life, keeping track of when each of your bills is due and whether or not you actually made the payments can be overwhelming. A debt consolidation loan may make it all so much easier for you by bringing many of these bills together. Here’s how.
4 Ways a Debt Consolidation Loan can Help You
1. You have one interest rate.
When you only have one interest rate, you don’t have to question which debt to pay off first, calculate how much you will owe in interest, or worry about fluctuations due to the economy. It’s all there for you in one source.
2. Only one payment is required.
You also only have one payment, and it’s due on the same day every month. That means you may stop worrying about making multiple payments throughout the month for all your debts. It also means you get to save the time it would take to pay these bills. Most importantly, the burden of having to make multiple payments may be stressful, but with a debt consolidation loan, you may put much of that behind you.
3. You may keep better track of how much you owe.
If you only have one payment, you don’t have to track multiple debts. You can see the big picture right in front of you, including how much you paid, how much you have left to pay, and how long that’s expected to take.
4. There is an end in sight.
With a loan, you must repay it in a certain amount of time. In other words, you won’t be able to add more debt like you would with a credit card, and you can’t postpone payments. Essentially, you’re putting yourself on a long-term schedule to work down that debt, with a goal of a better bottom line and a better financial outlook for your future.
Other Benefits of Consolidating Debt
If you plan to obtain a debt consolidation loan through our credit union, you may gain additional benefits, including competitive interest rates and friendly, personalized service. You also have the option of using our mobile or online banking options to make your monthly payments, further simplifying the process.
Learn more about how a debt consolidation loan may take some of the stress off your shoulders. Step into one of our credit union branches in the Savannah Metropolitan Area to speak with one of our team members.