Debt Consolidation

Is debt getting you down? Are you overwhelmed by the process of keeping up with car loan, credit card and other payments? It makes sense to consolidate your bills with PSECU. We offer a number of different debt consolidation options that can provide you with a clearer picture of your overall financial status and a simpler timeline to getting out of the red.

You'll probably find a lower interest rate, depending on your situation. Plus, instead of keeping track of multiple bills, payments and due dates, you will have just one payment to make.

There are many different ways to consolidate your debt with PSECU. Qualified applicants can take advantage of:

Personal Loan

We call it a Signature Loan, but it's really a personal loan that requires no collateral.

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Equity Loans

Based on the equity in your home, we have fixed-term loans and home equity lines of credit.

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Visa® Balance Transfer

Move high-interest rate balances to PSECU's Visa and never pay a PSECU balance fee.

  • Make your transfers online or call us
  • You may have up to 10 outstanding Visa Balance Transfers at one time. The total amount of outstanding transfer requests cannot total more than your available line of credit.
  • These Visa Balance Transfers will be treated as a cash advance
  • Online Visa Balance Transfers cannot be used to pay off any other PSECU loan. Online transfers are for use in obtaining credit under the terms of your Visa account as stated in the Visa Credit Card Agreement and Truth in Lending Disclosure.
  • Minimum transfer amount $250
     
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Share or Certificate Loans

Borrow against your savings at 2% more than you are currently earning in dividends (variable-rate).

Our online loan application process currently does not support this loan type. To apply, please speak with one of our Member Service Representatives.

Visit individual product pages to see current rates and eligibility information.

What Types of Debt Can Be Consolidated?

Think of debt consolidation as a useful tool for getting your finances in order. Just as you wouldn't use a screwdriver to hammer in a nail, debt consolidation isn't a one-size-fits all solution. The first step in selecting the right product is to assess your current debt load and determine what can - and can't - be consolidated.

Credit card debt is one of the most commonly consolidated items. With interest rates as high as 20% or more, consolidation into a line of credit or personal loan is a smart solution. It's also common to see department store credit accounts and financed purchases consolidated, as well as unpaid household bills, medical expenses and more.

In some cases, unpaid student and personal loans may be candidates for consolidation. Explore your options with a PSECU representative today.

Benefits of Debt Consolidation

There are a number of important benefits to consolidating your debt:

  • Saving money. High interest rates on credit cards and payday loans can make getting out of debt almost impossible. The biggest benefit to debt consolidation is that you can often do so at a considerably lower interest rate. Offers such as Visa balance transfers and secured lines of credit reduce your monthly financial burden and make getting out of debt a faster process.
  • Easier budgeting. Debt consolidation places all your current debt in a single account, which means you pay a single, fixed amount every month. This is extremely useful when setting a budget, and it lets you see your overall debt load diminish in real-time, giving you clearer goals to work toward. It also ensures you don't accidentally miss a payment deadline and potentially compromise your credit rating.
  • Less stress. Sometimes, the worst thing about debt isn't the total number but the constant nagging reminders from different sources. Even if you're already enjoying a low interest rate on your various loans, debt consolidation reduces the amount of stress caused by multiple deadlines, multiple invoices and repeated calls from collection agencies.
  • Less credit risk. If you're worried about your credit score being affected by multiple debts, consolidation is one of the best things you can do for your finances. Debt consolidation is often the first step to rebuilding bad credit, and it can be used to avoid bankruptcy in certain cases. Even if your credit is good, consolidating all your debts in one low-interest loan makes it easier to avoid falling behind when times get tough.

Learn more about your debt consolidation options with PSECU by following the links on this page, or by contacting a PSECU representative directly.