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Consolidate Debt and Save for a Better Tomorrow

Consolidate Your Current Debts & Start Your Better Tomorrow, Today!

Debt is a top concern for many Americans, and the thought of getting it under control can feel overwhelming—even impossible. But it's not! While there are several options to consider when it comes to managing your existing debt, debt consolidation is one that can provide an immediate impact to your financial wellness, in several ways.

Debt consolidation is essentially a form of refinancing in which you can take out one larger loan—often at a lower interest rate and with more attractive terms—in order to pay off many others. Doing so not only makes making your monthly payments more convenient by rolling many into one, but may result in more breathing room in your budget by lowering your monthly payment amount. In addition, you may even end up paying off your existing debts more quickly by consolidating!

    Real-Life Examples of Debt Consolidation Savings*

    Here are three real-life examples of members we've helped and the impact that debt consolidation can have:

    Example 1

    Member had 2 credit card balances totaling $3,900, 2 medical bills totaling $3,125, a computer loan totaling $300 and a personal loan from a friend totaling $1,000. The total debt of $8,325 had monthly payments totaling $672.

    When they refinanced they got $83.25 cash back and started making a $199 monthly payment instead of $672.

    By putting half of their payment reduction into savings and using the other half as extra payments, they will pay off their debt 3 years sooner and have $5,200 in savings.

    Example 2

    Member had 20 different debts totaling $22,000 and $706 in total monthly payments. It was consolidated into one hassle-free payment at a lower rate, lowering monthly payments by $239. They put 100% of the savings onto the new payment and will be paying off their debt in just 37 months.

    They also got $220 in cash back to use on other expenses.

    Example 3

    A 26-year-old member had student loan debt of $10,000 and a small bank loan of $3,300. The total monthly payment was $203.38. It was consolidated into one hassle-free payment at a lower rate, reducing the monthly payment by almost 50% to $112. They’re putting 25% of the monthly payment savings toward starting an IRA for retirement.

    They will be paying off the debt much sooner and have $8,000 in retirement savings when it’s paid off. They also received $133 cash back to use on other expenses.

    Wondering how you may benefit from consolidating your debt? Try our Loan Saver tool to get an idea of how much you could be saving!

     

    Ready for a lower monthly payment and more savings in your pocket? Get in touch today!

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    *APR = Annual Percentage Rate. The member scenarios presented herein are for example purposes and based upon unique scenarios. Actual rates, terms and savings will vary based upon individual personal scenarios and qualifications. No promise of any specific rate, payment or qualification should be implied.

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