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.
This article contains sponsored content.