CAN YOU BORROW YOUR WAY OUT OF DEBT?
Can you borrow your way out of debt? It may seem a little bit odd, but borrowing money can be a useful and important first step to paying down debt. How is this possible? With a debt consolidation loan* you’ll find you might be paying less every month, with the added convenience of only making one payment.
IS DEBT CONSOLIDATION RIGHT FOR ME?
If you’re thinking of debt consolidation, the key is finding a loan with a lower interest rate than what you’re paying on your current debts. This helps on two fronts; it slows down the rate at which your debt grows and it might also make your total monthly payment smaller. A smaller payment is, of course, easier to budget for which might even leave enough room to build savings or even pay extra on the loan to help pay it off quicker.
CONSIDER YOUR OPTIONS
Depending on the amount of debt you have, there are several debt consolidation options available. For smaller debts a personal loan might be enough to pay off your debts. For larger amounts like student loan or medical debt, you might consider a home equity loan. One of the benefits to a home equity loan is that because you are borrowing against your home, you are essentially lending to yourself, which often makes for a low interest rate.
“Debt consolidation is one of our most frequently asked about topics” says, Hazel Kennedy-Ledesma, Senior Vice President, Chief Lending Officer at GECU, “and we’re here to answer any questions you might have. We can help you find the product you need to pay off your debts and achieve your goals. Plus, you might even save some money!”
GECU HAS THE RESOURCES TO HELP YOU REDUCE DEBT
More than just loans, GECU offers an entire range of tools to help you pay off your debt. For information about how to reduce debt, you can attend a free “Get Out Of Debt” seminar or visit gecu.com for free instructional videos, debt calculators and more.
Consolidating your debt with a loan increases convenience and more importantly, it can help you save money and maybe even pay everything off faster. Whether you’d just like to clean up some small debts, clear out some student loans or pay off medical bills, GECU can help answer your questions and help you find the right loan for your needs. To learn more about debt consolidation loans, you can visit gecu.com, visit your local branch or call 778-9221, toll free 1-800-772-4328.
*All loans subject to credit qualification and approval. Other conditions apply. Learn how you can become a member at gecu.com.