Consolidate debt debt consolidation online consolidating
Secured personal loans allow you to access more money (up to ,000 compared to only ,000 with an unsecured loan), which is ideal if you’re consolidating high credit card or loan balances.Plus, secured loans come with a lower interest rate and more affordable payments allowing you to reduce the amount of interest you’ll pay on your debt overall. You likely want to consider credit card consolidation if you’re consistently only making minimum payments on your credit card balance.Working with a Lending Specialist, David learned that not only could he get the money for his truck, but he could also consolidate his credit card debt and save hundreds of dollars a year.David left his branch feeling relieved, with an affordable personal loan and greater control over his debt.On top of this, consistently carrying a high credit card balance can negatively impact your credit score, and it increases your debt to income ratio.
Whether it’s a loan or line of credit, use that money to pay off all of the debts you're consolidating.
Depending on the type of consolidation, you may choose to take out a loan or open a line of credit at the new, favorable interest rate.
With a line of credit, you have continuous access to credit — such as a balance transfer to a more affordable credit card; the borrower can continue to borrow money at the lower rate in the future.
David needed to get his truck ready for winter, but money was tight.
On the advice of a friend, he visited his local Fairstone branch.