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December 2010 Moms
star1123
member
credit union loan?
star1123
member
I'm going to FINALLY sign up for the vacation and Christmas club through my credit union cause it's only been 8 years since I've worked there and have been meaning to do it!! But I'm also considering looking into a personal loan through them since the interest rates are obviously a lot lower than credit card interest rates. I have about 3500 in credit card debt and while I don't think it's ridiculously high, I haven't even used either of the two cards in years. I pay 100 each month on each card, and the interest rates are so high on them I think it's going to take 10 years just to pay it off! Has anyone gone through a credit union to consolidate debt like this?? Any advice??
I was playing around with numbers on my credit unions website, and it seems like I can keep my payments the same and pay it off in as little as three years if I just go through them and have it taken out of my paychecks.
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Re: credit union loan?
We are credit union members here in PA and love it.Both our mortgage and car loan are through them and we pay slightly lower % rate because we opted for the auto deduction bi-monthly.
I think you are smart to consolidate and lower your rate. I recently did this however I took out loan from my parents since they offered to be the lender.
I will now be debt free in 4 years, in what would have taken me 10-15 years to pay off.
The amount I am saving in interest alone is amazing.
Before going ahead with that whole process, I might consider doing a balance transfer to combine the CC payments first & then speaking to the CC company about lowering your interest rate. I doubt they'll be able to beat the CU's interest rate, but it's worth a try first before having to take out a personal loan, IMO.
We had a considerably high CC bill last month b/c we used it to purchase all the materials for our basement renovation. We took the money out of our savings account to pay it off in one payment. (The money was mostly our tax return money we received in the spring that we had earmarked for home improvements anyway.) While it hurt to see that big chunk come out of savings, we figured it was better to just pay it off & get it over with, rather than trying to make smaller CC payments that we'd have to pay interest on over time.
Is using savings an option for you, maybe?
Thanks everyone!! I feel a lot better about it now. I have thought about getting a zero interest credit card, but I just don't want another card at this point. The second credit card I have now was sort of supposed to be used for that purpose, and it just got out of hand and now it's such a high interest rate. I would like a more permenant solution that won't allow me to even get back in this credit card mess.
I think I'm also going to look into refinancing my car and going through them, too!