If you’re juggling multiple forms of debt, consider consolidating them into one. Community West Credit Union offers debt consolidation services for members who are looking for an easier way to manage their finances. For more information about debt consolidation, contact Community West Credit Union online now.
How Debt Consolidation Works
Today, many people are faced with debt. For some, a consolidation is a great option because it combines all your old debts into one balance. For example, if you owe money to multiple credit card companies, you can consolidate these amounts into a single sum. Other types of debt that can be consolidated include medical bills and some types of loans. Even so, this option isn’t right for everyone. The number of debt sources you have and their terms, as well as your income and credit score, are all factors taken into consideration to find the best solution for you and your finances.
Benefits of Debt Consolidation
For Community West Credit Union members, there are a lot of advantages for doing debt consolidation, including:
- You only have to make one payment instead of making payments to multiple creditors
- The interest rate is lower so you end up paying less overall
- The payoff period tends to be shorter because of the lower interest rate
- There’s a fixed monthly payment that helps make managing finances easier
- And more…
In addition, there are also several different ways to go about consolidating debt, such as applying for a personal loan or a home equity loan. The team at Community West Credit Union can sit down with you to discuss the options and figure out the best strategy for your specific situation.
Begin Your Debt-Free Journey Today
If you’re hoping to pay off all your debts, ask your local credit union branch about debt consolidation. Before you know it, you could be well on your way to being debt-free. Visit the Community West Credit Union location nearest you or feel free to give us a call if you have any questions.