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In 2012, the average household credit card debt was almost $16,000. In addition, there are about 37 million individuals with outstanding student loans. Most of us have outstanding debt – and it can become a source of stress for many families.

If you have a number of outstanding loans and are having trouble making your monthly payments and you wonder how you’ll ever pay off the remaining balance, a consolidation loan may help.

A consolidation loan is a single loan that is used to pay off several other debts. By having one loan, you can avoid late fees, extra charges, and the potential for bad credit if you become unable to make minimum payments.

SECU can help you kiss those stressful, high interest credit cards and personal loans goodbye. As always, we offer competitive rate financing. If you are a member of our Member Loyalty Rewards Program, you can gain a 0.10% rate increase on applicable share accounts, receive up to 1.10% off of your loan rate, a 0.25% rate discount for auto pay, and more. This offer is available on a wide range of loans:

• Personal loans
• Signature loans
• Revolving lines of credit
• Christmas loans
• Vacation loans
• Credit cards

Our next post will detail some of the pros and cons and dos and don’ts of consolidation loans. If you think that a consolidation loan may be right for you or you have additional questions, be sure to contact your SECU representative.