Monday, January 20, 2014

3 Options to Reduce Your Credit Card Debt



If managing your outstanding debt is a top priority for 2014, it may help to know that you’re not alone. Statistics from the U.S. Census Survey of Consumer Finances and Aggregate Revolving Consumer Debt show the average household in 2013 owed $15,279 in debt.
Debt can come from many sources including student loans, healthcare expenses, car payments and credit card purchases. If you want to reduce the amount you pay in interest or reduce your total monthly payment, consider consolidating your debt in a way that works for you.
Consolidating your debt gives you:
  • A lower monthly payment
  • The ease of having only one bill
  • The ability to improve your credit rating over time
  • The possibility to owe less over time
Here are 3 ways Community Financial can help: 

Debt Consolidation Loans are used to pay off multiple other loans and/or credit card debts. The advantage is the loan may have lower interest rates than the original debt, and allow the borrower to make only one payment per month instead of several. 

Transfer Your Credit Card Balance to a Platinum VISA® card from Community Financial. With rates lower than most department store cards, a Community Financial Platinum VISA card can make it easier for you to pay your balance off sooner. 

Home Equity Line of Credit loans let you tap your available home equity to consolidate debt. With interest rates as low as 2.50% APR, a home equity line of credit is a practical option to pay down credit card debt.

So, before you let debt overcome you, visit cfcu.org/bills to see how Community Financial can help.

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