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Debt Consolidation

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Pay Debts with One Simple Account

Debt consolidation is when you combine multiple loans or credit card balances into one lower-rate payment. When you consolidate payments, you get one bill, one due date, and one interest rate.

Ways to Consolidate

You have options to consolidate your debt. Choose from a home equity loan, credit card, or secured personal loan to combine several debts into one monthly payment.

House

Home Equity Loans1

Tap into your home’s equity to combine multiple loan payments into one easy monthly payment. It’s a great option to pay off higher-interest loans, such as:

  • Credit cards
  • Student loans
  • Medical bills
Learn About Home Equity Loans
Debit or Credit Card

Credit Card2

Combine your payments into a Visa® Platinum Credit Card with:

  • NO annual fees
  • NO balance transfer fee
  • $1.00 cash advance fee
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Signature Loans3

Signature Loans enable you to borrow what you need. Pay off the loan over a set term limit, or choose flexible terms with monthly payments until the balance is paid.

  • One loan
  • One payment
  • Debt management made simple
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Are you a KTVAECU Member?

Yes, Apply in Digital Banking
No, Start Application

Learn About Debt Consolidation with Money Moves4

Join us as we talk with our loan expert to explain how debt consolidation loans actually work. This episode of our podcast offers clarity when your bills overwhelm you. Learn what debt to combine and how good money habits help you succeed. Plus, learn how to simplify your monthly bills into one payment with a lower-rate loan or credit card.

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Join us as we talk to our loan experts about debt consolidation.

Debt Consolidation FAQs

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Debt consolidation combines multiple debts, such as credit card balances or personal loans, into one payment. Depending on the loan or credit product you choose, consolidating your debt may simplify your monthly payments and could help you manage your debt more efficiently.

When you consolidate debt, you use a new loan or credit account to pay off multiple existing debts. Instead of making several payments to different creditors, you make one payment toward your new account.

A personal loan may be used to consolidate certain debts. Contact us to discuss your options and determine whether a personal loan is right for your situation.

It may, but it isn’t guaranteed. Your new payment will depend on factors such as the amount you consolidate, interest rate and loan term. A longer repayment term may lower your monthly payment while potentially increasing the total interest paid over the life of the loan.

Applying for new credit can affect your credit score, and the impact varies by individual circumstances. However, consistently making on-time payments on your new account can help you establish a positive payment history over time.

You can apply for a loan online or in person at a branch. Loan applications are subject to approval and underwriting requirements.

Yes. You have a 10-day grace period on personal and auto loans before a late fee is assessed. Credit cards do not have a grace period.

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Disclosures

  1. Restrictions may apply. Not a government-affiliated agency. All applications subject to underwriting guidelines and approval. Rates based on creditworthiness. Ask for details. APR = Annual Percentage Rate.

  2. Available to qualifying Members. Some restrictions may apply. Ask for details. APR = Annual Percentage Rate. Rate subject to change without notice and based on creditworthiness. Available to qualifying Members. Some restrictions may apply. Ask for details. View credit card disclosure at tvacreditunion.com/credit-card-disclosure.

  3. APR = Annual Percentage Rate. Some restrictions may apply. Published rates are the lowest rates available for each loan type. Your rate may vary, based on creditworthiness, amount financed, and loan terms. Ask for details. The APR may increase or decrease during the term of the loan based on changes in an interest rate index. The index is the 24-month certificate account rate paid by the Credit Union on the last day of the previous calendar quarter plus a spread determined internally by the Credit Union. Any increase in APR will result in more payments. Rate subject to change. Rate can change after consummation. Payment per $1,000.00 is for example purposes.

  4. All rates and offerings subject to change. This content is intended to provide general information and shouldn’t be considered legal, tax, or financial advice. Consult a tax or financial advisor for specific information on how certain laws apply to your situation. Ask for details.