Take control of your Debt
Anyone who has multiple high-rate loans and credit cards knows just how difficult (and expensive) it can be to recover. Take control of your high-interest loans and credit cards with MLFCU!
Studies show that 70% of Americans are stressed over money.
Debt remains an issue for most Americans, regardless of income. Those earning between $50,000 and $100,000 report having.
- Credit card debt: 52%
- Auto loan: 42%
- Mortgage: 39%
- Medical debt: 23%
- Personal loans: 22%
- Student loans: 22%
What is a debt consolidation loan?
Consolidating debt means taking out a new loan to pay off multiple existing debts. Ideally, debt consolidation allows a borrower to obtain better terms and/or rates. Once the debt is consolidated, the borrower makes one monthly payment.
Is consolidating debt a good idea for you?
Debt consolidation can be an excellent financial tool to reduce debt and/or payments. However, it isn’t right for everyone. Compare the advantages and disadvantages to see if debt consolidation is right for you.
Advantages
- May reduce your interest rate
- Potentially lower monthly payments
- Fewer payments to keep track of each month
- Could improve credit score over time
- Promotional incentives are sometimes available
Disadvantages
- Some consolidated loan types, such as home loans, may lose tax advantages
- A lower interest rate may not be available
- It could result in a longer payoff schedule or potentially higher monthly payments
See how much you could save with our debt solutions.
Debt Consolidation Loan rates start as low as 5.95% APR* and will only be offered for a limited time, so apply today!
Consolidate up to $15,000 for as little as 5.95% APR* or up to $25,000 for as low as 5.75% APR* with a Co-maker.
To apply for a loan, you can visit one of our six locations or apply online.
APR*= Annual Percentage Rate. Rates and terms may vary depending upon credit qualifications. Longer terms and rates are available. Not all borrowers will qualify for the lowest rate. Funds must be payable to other lenders.