Member Education

"Summer-ize" Your Finances:
Five Easy Ways to Consolidate Debt

The lazy days of summer are here, so take time now to consolidate your debt so you can enjoy the season worry and hassle-free. Consider these 5 simple ways to consolidate your debt:

1. Credit card balance transfers.
   Transfer high-rate credit card balances onto one low-rate credit card to save you time and money. But look closely at balance transfer offers - many issuers offer enticing low or zero percent introductory rates, but should you pay 1 day late, a significantly higher interest rate and fees are charged.
2. Refinance existing loans.
   Taking advantage of lower rate loans by refinancing can lower monthly payments and even shorten your loan term.
3. Home equity loans/lines.
   Consolidating your other debts to a low-rate home equity loan or line may offer significant savings in dollars, time and taxes.* Work with a knowledgeable and trustworthy lender who can help determine if this is best for you.
4. Work with a nonprofit consumer credit counseling agency.
   These experts work on your behalf to get creditors to waive late fees and reduce interest rates so you can repay your loans. RCU has partnered with BALANCE to offer FREE confidential financial counseling services to Members. Read more here or please call (888) 456-2227.
5. Contact your Credit Union.
   National research shows credit unions generally offer lower interest rates and fees on loans. RCU offers a host of affordable loans, FREE educational programs and other services to help ensure you can handle your monthly payments and terms. Learn more by calling us today at (800) 479-7928.

* See your tax professional for details.