Whether you’re ready to ditch high-interest credit card balances, fund a big expense, or simply want a little more breathing room in your budget, you have options.
PSECU offers multiple ways to consolidate debt: Home equity loans and lines of credit, personal loans, and balance transfers. Not sure which one is right for you? That’s okay — we built this quick quiz that will point you in the right direction.
You’ll answer a few simple questions about your goals, comfort level, and repayment style. Then, we’ll match you with a consolidation option that can help make managing your debt easier — and hopefully a lot less stressful.
Here’s a sneak peek at what’s on the table:
Yes. You might benefit from a home equity loan or line of credit. By leveraging the equity built up in your home, you can consolidate debt into one lower-rate payment and work to pay it off while benefiting from a lower APR. We have three home equity products that can help you:
Use our equity calculator to estimate how much equity you may be able to tap into.
You’re on the right track to simplify your debt.
No. I don't own a home or I prefer a different option.
Move on to the next question.
You're on the right track to simplify your debt.
Yes. A real estate equity loan may be your best fit. It provides you with a lump sum for big projects or purchases - like a renovation, roof repair, or college tuition – at a lower, fixed rate using your home as collateral.
No. A personal loan gives you quick, predictable funding for a variety of expenses like home repairs, vacations, and even an engagement ring. You’ll know exactly what you owe each month and when it’ll be paid off.
Use our personal loan calculator to estimate your monthly payment.
Another option would be our Classic Card.
These options keep you in control of your budget while funding that bigger purchase responsibly.
If you like the idea of having funds available as you manage debt on your timetable or as life happens, a HELOC might be your best fit. It works similarly to a credit card: you can borrow and repay as needed during a draw period, but usually with lower rates than a credit card.
This is perfect for ongoing expenses, home improvements, or larger unpredictable costs like an emergency vet visit or a broken refrigerator.
Calculate your estimated borrowing capacity using a HELOC.
There are still ways to flexibly manage multiple debts. If expenses pop up here and there rather than all at once, our Classic Card can help you manage them without added pressure.
Even smaller balances, like a medical bill, car repair, or lingering credit card charges from the holidays, can snowball quickly. Consolidating those short-term debts can help you simplify payments, reduce interest, and free up breathing room in your budget.
Any way, you’re tackling debt head-on, and that’s what counts.
| Features | Real Estate Equity (Home Equity Loan) | HELOC Flex | HELOC Plus | Personal Loan | Visa® Balance Transfer |
|---|---|---|---|---|---|
| Best for… | Homeowners who've built up equity in their home and need a lump sum installment | Homeowners who want flexible use of their funds and to make interest-only payments during a 10-year advance period | Homeowners who want flexible use of their funds and the option of variable- and fixed-rate advances | Borrowers who want a set amount and fixed payments | Paying off high-interest debt and saving on interest |
| Loan type | Fixed lump sum installment loan secured by home | Revolving line of credit, borrow and repay multiple times up to a set limit | Revolving line of credit, borrow and repay multiple times up to a set limit | Lump sum installment loan | Credit card |
| Typical rate | Fixed rate for the entire term of the loan | Variable rate advances; usually lower because it's secured by your home | Fixed or variable rate advances; usually lower because it's secured by your home | Fixed rate, often lower than credit card rates | APR* nearly half the national average |
| Minimum loan / advance / balance transfer amount | $5,000 loan minimum | $5,000 loan minimum; no minimum advance amount | $5,000 loan / fixed-rate advance minimum; no minimum variable-rate advance amount | $1,000 loan minimum (max amount is $20,000) | $250 balance transfer minimum through digital banking; no minimum when using a Visa balance transfer check (max is credit card limit) |
| Collateral required | Yes (your home) | Yes (your home) | Yes (your home) | No | No |
| Flexibility | Low – one-time funding with set repayment schedule | High – borrow as you need | High – borrow as you need | Low – fixed amount and term set up front | Moderate – limited to credit limit |
| Speed of funding | Moderate – may require appraisal or closing | Moderate – may require appraisal or closing | Moderate – may require appraisal or closing | Quick approval and funding | Fast |
| Risk factors | Secured by your home; cannot re-borrow without a new loan | Tied to your home as collateral; variable rates may change | Partially fixed rates, but still tied to your home as collateral | Fixed payment obligations | Interest if balance isn't paid off |
| Ideal repayment timeline | Mid- to long-term | Ongoing use or long-term | Ongoing use or long-term | Mid- to long-term | Short-term (usually under 18 months) |
Whichever path you land on, consolidating your debt can make your financial life a little easier, and may even save you money on interest. Plus, it's a great way to set yourself up for a fresh start in the new year. For more tips and tools to help you keep your finances on track, visit our resource center.
*Visit lendingtree.com/credit-cards/study/average-credit-card-interest-rate-in-america/ to see today's latest rates.