Debt Consolidation—Do it Now or Wait?

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Brittani Forbush with Mountain America Credit Union is here to talk about whether now is a good time to consider consolidating debt.

Combining existing debts into a single loan and one payment. For Example, refinancing your home loan, and using the existing equity to pay off a vehicle, credit card, or medical debt. Consolidating credit cards and other personal debt into a new loan can significantly lower monthly payments, reduce the amount of interest paid, or even both.

If you’re only making minimum payments on your credit cards, there is a chance you’re paying a very high-interest rate on the balance, making it much more difficult to pay off the debt. If you find that you’re having a difficult time paying more than the minimum payment, it may be worth considering a debt consolidation loan with a lower interest rate.

Mountain America Credit Union opened its doors in the 1930s with a simple goal—to help members financially. Today, that spirit of cooperation still drives them. As a not-for-profit financial institution, their focus is to guide members toward financial success. They do this through a combination of affordable products, friendly service, community involvement, and financial education.

To help you determine if debt consolidation is right for you, stop by a Mountain America branch or visit their website to use Mountain’s America’s free Value Analyzer tool.

For additional information and advice please visit the Mountain America Credit Union blog, LinkedIn, YouTube, Facebook, Twitter, and Instagram.

This article contains sponsored content.

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