February 26, 2018

What is Debt Consolidation?

Comment February 26, 2018 by Evan, eCommerce Specialist

What is Debt Consolidation? Simply, it is a financial strategy of rolling high-interest debts into a single lower-interest payment.  This means that all of your debts are bundled into one monthly payment, through either a credit card or fixed-rate personal loan. If you’re undecided on whether to go the route of debt consolidation, here are three of the biggest reasons why debt consolidation is a good strategy.

  1. One low interest rate

A Debt Consolidation Personal Loan with a low interest rate means that you can pay off your debt faster; while also eliminating credit card debt.  For example, a Triangle Credit Union Debt Consolidation Personal Loan can allow you to save money over the entire span of the loan. To see how much you can save, use our loan calculator to compare rates and payments.

  1. Improve your Credit Score

A Debt Consolidation Personal Loan will help you rebuild your credit as you make your monthly payments on time. Ensure that you are staying on track and not missing a loan payment by setting a calendar item on your phone or compute. Track new purchases through Triangle’s Money Management financial tracker to stay within your budget going forward. You can also set up auto payments within online banking so that your loan will automatically be paid, even if you happen to forget.

  1. Stress Relief

Your mind and body will thank you. Being able to make one monthly debt payment from a singular source will ease the weight on your shoulders, and allow you to focus your time and energy elsewhere. To get started, apply for a Debt Consolidation Personal Loan by following this link: http://www.trianglecu.org/home/personal/loans/personal-loan