How Much Money Could YOU Save Each Month?

Using debt consolidation as a tool to lower your monthly payments and interest

If you’re like most Americans, you may be juggling several different payment responsibilities each month: credit cards, car loans, store credit cards, gas credit cards and even student loans. It can be overwhelming!

Did you know that a debt consolidation loan from Merrimack Valley Credit Union could simplify your monthly bill-paying AND save you money? With a consolidation loan, some of your debts can be rolled into one monthly payment, with a low rate. If you’re currently paying higher interest rates,  you could end up with a lower payment each month and pay less interest over the lifetime of the loan.

As a bonus, you’ll have less checks to write each month and less payments to schedule—because one loan could eliminate multiple debts that you’re currently paying for.

An example of what this might look like:

Before Debt Consolidation:

TYPE MONTHLY PAYMENT APR REPAYMENT TERM PRINCIPAL BALANCE
Car loan $228.42 9% 24 months $5,000
Store credit card $  99.30 22% 36 months $2,600
Gas credit card $111.62 18% 48 months $3,800
Credit card $  69.33 15% 36 months $2,000

TOTAL:

$508.67

Total amount of interest paid: $3,510.52

After Debt Consolidation:

TYPE MONTHLY PAYMENT APR REPAYMENT TERM PRINCIPAL BALANCE
Consolidation loan $419.85 7.99%* 36 months $13,400

Total amount of interest paid: $1,714.60

In this example, the family could lower their monthly bills by $88.82 in the short term, and save $1,795.92 in interest over the life of the debts!

*See full details, terms, and disclosures for the debt consolidation loan here