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Consolidation Loans Ease Credit Card Debt

Canadian's love the convenience of credit cards. If you pay off your credit cards each month, the interest rate isn't really a factor. However, members should check out what interest rate they are paying on outstanding balances - whether it is a department store card, gas card or a basic credit card.

If you carry a balance on a number of cards, you might benefit from a consolidation loan from your credit union.

By using a consolidation loan to pay off the balances on your cards, the payment could actually be less than the combined minimum payments on all your credit cards. With a consolidation loan you win in other ways too.

1. The interest rated on your loan will be lower than on your credit cards, so you will reduce your overall debt and pay much less interest in the long run.
2. When budgeting, it's easier to manage a single monthly loan payment than individual payments.
3. A loan also eliminates the risk of missing a credit card payment and jeopardizing your credit rating.

Consolidating all your loans and credit card balances into one loan can save you money, reduce interest rates, and reduce your bills into one affordable payment. Email us, call or visit any of our branches for more information.