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Consolidating Debt

Manage outstanding debts by consolidating balances into a single monthly payment.

If you’re struggling to payoff high interest credit cards, payday loans, student loans and other debt, consolidating those obligations into one loan with a single monthly payment will likely save you money. The new loan could result in a lower interest rate, lower monthly payment or both. With debt consolidation, multiple creditors are paid back instantly.

In addition to debt consolidation loans, there are other options to consider when looking to resolve debt problems.

Know Your Options offers information and answers to frequently asked questions to help you determine which debt relief option is best for your unique financial situation. Options include:

  • Debt settlement: Agree with the creditor on a reduced balance that will be regarded as payment in full.
  • Bill consolidation: Transfer outstanding unsecured debts and loans into one loan.
  • Debt management: Reduce outstanding unsecured debts such as credit cards and medical bills within a 5-year period.
  • Bankruptcy: Discharge your debts or be placed on a court sponsored repayment plan.

Regain Control

Follow these tips to regain control of your financial circumstances:

  • Formulate a budget based upon your income and expenses
  • Keep spending within your budget
  • Make single monthly payments
  • Abstain from making useless purchases
  • Refuse new credit card offers
  • Follow advice of credit counselors
  • Make extra payments whenever you can
  • Get help from a reputable debt settlement company

Use our Calculators

Our financial calculators will assist with determining the cost of interest over time, setting repayment goals and deciding whether debt consolidation is right for you.

At Members First, we want to help you feel secure about your financial future. If you need assistance managing your finances and reaching your goals, don’t hesitate to contact us.