Q: With everything going on right now, I need to save money every month. I have high-rate credit cards that I want to get rid of. How can MCCU help me?
A: As a member of Matadors Community Credit Union, you have a few options for consolidating your debt. If you have equity in your home, you can apply for a HELOC, or a Home Equity Line Of Credit, which is an open credit line that’s secured by your home’s value. You can also consolidate debt with an unsecured loan or a lower-rate, or low intro rate, credit card.
By consolidating your high-rate credit cards and other debt into a single, lower-interest HELOC payment, you can reduce your total debt and pay it off faster.
What is a HELOC?
A home equity line of credit is a loan secured by your home’s value. When you open a HELOC, you will have access to a line of credit when you need it. In addition to debt consolidation, you can use the funds for home renovations, tuition costs and more. You won’t pay any interest until you use the funds.
What are the advantages of a HELOC?
- Low fixed intro rate for the first 6 months
- Interest-only payments first 10 years – keeps your payments low!
- Interest may be tax-deductible (check with your tax advisor)
- No closing costs with $30,000 minimum draw
- Protection against rising rates – your rate will never go higher than 6% above your starting rate
Find out more about MCCU’s HELOC and apply online today!
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