Financial expert Rachel Langlois from Cyprus Credit Union explained that dealing with several debts with high interest rates at once can be stressful. Once you pay off one debt, there are three more to take its place. Cyprus Credit Union can help consolidate these debts into one low monthly payment using a personal loan with a low interest rate.
If you own a home, a home equity line of credit may be another option. You can borrow against the equity in your home at a much lower rate than your credit card company. The interest on a home equity line of credit is also tax deductible.
You can also check out the Savvy Money tool, which is found under the ‘Resources’ tab at cypruscu.com. Fill out your information in the secure forms and receive a thorough analysis of your financial situation, including tips by leading financial experts to help you control your debt, build a budget, and start living the life you want to live.
This tool is free for our members. If you have any questions or would like more information, you can contact the Lending Center at (801) 260-7600 (option 4); stop by one of our 18 branch locations; or check out our website under the ‘Loans’ tab.
To get started fill out the free printable below. Make sure to stop by the Cyprus Credit Union Facebook page for a chance to win $100 for submitting a finance question that you would like to be covered in future "Funding Your Future" segments.