It seems to be the same every January: consumers are left with a shopping hangover, characterized by too much money charged on too many credit cards. It can be hard to get the year off on the right financial foot when there are a dozen different credit card payments to make and the balances on each are accruing interest at staggering rates.
With the help Air Force Federal Credit Union (FCU), you can manage credit card debt and start the new year off with a stronger financial foundation. The credit union‘s Consolidation Advantage Loan (CAL) is a debt management solution that can be used to combine bills and outstanding balances into one easy payment. The CAL offers rates as low as 8.50% APR, much lower than most standard credit cards or high interest loans, to help you save money and pay off debt faster.
The concept behind the CAL is simple: you take out one loan from Air Force FCU and use the funds from this loan to pay off existing high interest debt, such as credit cards or payday loans. This allows you to replace various high interest rates with a single interest rate as low as 8.50% APR and helps you to save time and money by having only one manageable payment.
The Consolidation Advantage Loan offers many benefits to members of Air Force FCU:
Some consumers may worry that a consolidation loan may negatively impact their credit score. It is recommended that borrowers with a consolidation loan use funds to pay off and then close multiple lines of credit. Closing multiple lines of credit may cause a temporary dip in a consumer’s credit score.
However, if you are in need of a consolidation loan, your current credit situation may already be causing your credit score to decline. A consolidation loan will have little impact on your score if:
Chartered in 1952, Air Force Federal Credit Union is a not-for-profit financial institution in San Antonio, TX offering financial products and services crafted in the interest of their members’ financial well-being and future stability. An array of deposit accounts, loan options and helpful financial tools are accessible to members. The San Antonio credit union currently serves the financial needs of nearly 37,000 members worldwide with the strength of more than $350 million in assets.