For students and multi-member households alike, credit card debt can quickly spiral out of control.
Making multiple payments on several different cards can put a strain on a monthly budget, and it can prolong the process of becoming debt-free. By consolidating credit card balances to one card with a lower rate, borrowers can reduce their debt more efficiently. Discover how Your Credit Union can help you get started!
The Advantage of Consolidating
By simplifying debt, borrowers can pay off their credit cards faster by replacing multiple payments with a single, monthly installment. Consolidating balances means that there will be fewer accounts and interest rates to keep track of; reducing overall risk of missed payments and late fees.
How to Get Started
If credit card consolidation could benefit you, there are a few simple steps you can take to jumpstart the process.
Make a Record of all Credit Card Debts
It’s important to know just how much you owe on each card. First, record each credit card balance on a spreadsheet, and make a note of any outstanding credit card rewards that you can still apply. Alternatively, you can also request a free copy of annual credit report.
Visit Your Credit Union
Starting January 17, 2018, borrowers can transfer the balance from any other credit cards to their Credit Union on VISA Platinum Card and their transfer amount will receive a low introductory rate of 1.90% APR for the first six months. There is no Balance Transfer Fee and No Annual Fee, and qualified applicants can receive credit lines up to $25,000. Stop by to pick up an application, or apply online!
Pay off Debt
Once you are approved for a VISA Platinum Card or personal loan, you can take the next steps towards settling your credit card debt for good. Talk to a Loan Counselor about enrolling in automatic billing. By keeping up with monthly payments, you can maintain a great credit score.
Practice Responsible Spending
According to industry research, the average credit card debt per household is $15,675. Paying off your debt is an achievement in itself, but the steps you take afterwards can affect your financial future. Ensure that you practice responsible spending to maintain a debt-free lifestyle, and consult Your Credit Union for advice.