ACU offers multiple ways to gather up and consolidate your debts!
Low-Rate Credit Card
One of the most significant advantages of consolidating your credit cards at a cheaper rate is that you can save money on interest. Let’s look at an example of how much you can save if you consolidate high-interest credit cards to a low-rate credit card from ACU. Say you have three credit cards with balances of $5,000, $7,000, and $10,000, at interest rates of 22%, 24%, and 20%, respectively, your minimum monthly payments would be around $774, and you’d pay over $16,000 in interest over five years. However, if you consolidated those balances into a credit card with an 11% APR through America’s Credit Union, your monthly payment would be around $530, and you’d pay around $4,500 in interest over five years – a savings of over $11,000!
- Improved Cash Flow: By reducing your interest payments, you can free up more cash each month to pay down your principal balance faster
- Flexible Payments: Credit cards offer flexibility in payment amounts, allowing you to pay more when you can afford it and the minimum when you can’t
- Balance Transfer Offers: Our low-rate credit cards come with introductory 1.54% APR* balance transfer offer for 6 months, allowing you to transfer high-interest debt and pay it off without accruing additional interest during the promotional period
Home Equity Loan
Utilize the equity and value you have in your home to pay off your debt at a low rate.
- Lower Interest Rates: Home equity loans often have lower interest rates compared to credit cards and personal loans, which can save you money on interest payments
- Larger Loan Amounts: Since home equity loans are secured by your home, you can often borrow larger amounts, which can be used to consolidate significant debts
- Fixed Repayment Terms: Home equity loans typically come with fixed interest rates and repayment terms, providing predictable monthly payments and helping you plan your finances better
- Potential Tax Benefits: In some cases, the interest paid on a home equity loan may be tax-deductible, though you should consult a tax advisor to understand your specific situation
Personal Loans (Installment Loans)
Using a personal loan to pay off debts can be a smart move for several reasons:
- Lower Interest Rates: Personal loans often have lower interest rates compared to credit cards, which can save you money on interest payments
- Simplified Payments: Consolidating multiple debts into one loan means you only have to make one monthly payment, making it easier to manage your finances
- Fixed Repayment Schedule: Personal loans come with fixed repayment terms, so you’ll know exactly when your debt will be paid off
- Potential Credit Score Improvement: Paying off high-interest credit card debt with a personal loan can improve your credit utilization ratio, potentially boosting your credit score
- Members can borrow from $500 up to $25,000.
Applying is simple!
Step1 |
Apply OnlineGet started with our quick and easy online loan application process. |
Step2 |
Agree to TermsIf approved, we’ll offer you a rate and terms for the amount you’re borrowing. |
Step3 |
Get Your Funds!Pay off and consolidate those other high interest loans! |
Get in Touch with ACU Today
America’s Credit Union is there with the tools you need for every stage of your financial journey. Find out more about our other lending options
*APR=Annual Percentage Rate. Your APR for purchases is 10.04% – 18.00% based on your creditworthiness and will vary with the market based on the Prime Rate. This transaction is subject to credit approval. See full Visa disclosure or Business Visa disclosure for more information.
**Balance Transfer Disclosure: Offer applies only to balances transferred with cash advances done by America’s Credit Union (ACU) to pay off existing balances with other creditors. There is no grace period for balance transfer transactions; interest is charged from the date of posting. Business Visa is excluded from this promotion. We apply your minimum payment to balances with the lowest APRs first. Amounts paid over the minimum payment will be applied in the order of highest to lowest APR balances. Your other debt account(s) will not be closed by ACU (even if you transfer your entire balance). If you wish to close other accounts, please contact the creditor. You should make at least your minimum payment on any card on which you are transferring a balance until you receive confirmation from the creditor that your balance transfer payment has been received, ACU is not responsible for late payments on other debt account(s). In the event that your request(s) exceed the amount of your credit line, then ACU will fulfill your requests in numeric order as listed on your request. ACU may decline to process one or more requests and/or may complete one request in a partial amount.