Consolidation Loans
BREAK FREE FROM DEBT
Consolidation loans allow you to combine the balances owing on your high interest credit cards, department store cards, consumer loans, and other debts into one monthly payment.
Benefits of consolidated are:
- improve monthly cash flow
- save money in interest and have debts paid off faster
- make one monthly payment versus mulitple payments
- maintain or improve your credit score
Say for instance you have the following debts:
Credit Card #1 - $10,000 balance - monthly payment $300
Credit Card #2 - $5,000 balance - monthly payment $150
Retail Card #1 - $7,500 balance - monthly payment $225
Retail Card #2 - $5,000 balance - monthly payment $150
In this scenario you would be paying 4 seperate monthly payments, for a total of $800 a month.
Now, consider you were to consolidate all of these into one loan with Reddy Kilowatt Credit Union. If you were to do that you could be paying ONE monthly payment as low as $572 AND have these paid off in just 60 months. That's a savings of over $220 each month and save thousands in interest!
Did you know...that if you have a credit card with a $10,000 balance owing and only make the minimun payment, assuming your minimum payment is 3% of your outstanding balance and your interest rate is 19.9%, it could take you over 25 years to pay it off and cost you over $12,000 in interest.
Apply today and see how a consolidation loan can benefit you. Click on the link below to start your application right now! You can also call or drop by and speak to one of our Financial Services Officers.
