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What Is Debt Consolidation?
Debt consolidation is the process of combining multiple debts into one single loan or payment. Instead of managing different due dates, balances, and high interest rates, you roll everything into one manageable monthly payment, often at a lower rate.
Debt consolidation can be a useful strategy for paying down debt more quickly and reducing overall interest costs. if you qualify for a lower rate, you can save money and eliminate debt faster.
At Energy Capital Credit Union (ECCU), we provide debt consolidation options designed to simplify your finances, reduce stress, and help you pay off debt faster.
Benefits of Debt Consolidation with a Credit Union
Choosing a credit union for debt consolidation gives you:
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Lower interest rates compared to most banks or credit cards.
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Member-focused lending solutions designed around your needs.
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Access to financial counseling to guide your debt repayment strategy.
Three Debt Consolidation Solutions from ECCU
1. Personal Loan for Debt Consolidation
A personal loan is one of the most popular ways to consolidate debt. You borrow one fixed amount and use it to pay off credit cards, medical bills, or other high-interest loans.
Why choose a personal loan?
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Fixed interest rate and predictable payments.
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Lower rates than most credit cards.
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A clear payoff timeline.
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One monthly payment instead of many.
With ECCU:
Our Personal Debt Consolidation Loans are simple, affordable, and designed to help you get out of debt sooner. You can even test your savings with our free Debt Consolidation Calculator.
Apply for an ECCU Personal Loan today and discover how much you could save!
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2. Home Equity Loan for Debt Consolidation
If you own a home, you can tap into its equity to consolidate larger amounts of debt.
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Home Equity Loan: Lump sum with a fixed interest rate and fixed monthly payments.
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HELOC (Home Equity Line of Credit): Flexible revolving credit with variable rates.
Why choose a home equity option?
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Some of the lowest rates available.
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Access to larger amounts of money.
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Fixed terms (with a loan) for predictable budgeting.
With ECCU:
Our Home Equity Loans come with competitive fixed rates and no prepayment penalties—perfect for consolidating multiple high-interest debts.
Use your home’s value to your advantage. Consolidate with an ECCU Home Equity Loan today!
3. Balance Transfer
A balance transfer lets you move your existing credit card balances onto a new card, often with a 0% introductory *APR for 12 months.
Why choose a balance transfer card?
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Pay no interest during the promotional period.
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Combine multiple cards into one.
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Pay off debt faster if you plan carefully.
With ECCU:
We offer Credit Cards with competitive rates and benefits to help you manage your debt smarter.
Start saving on interest today, transfer your balance to an ECCU Credit Card!
* APR = Annual Percentage Rate. 0% introductory APR valid for 12 months on balance transfers. Variable rates apply after the intro period ends. Terms and conditions apply.
Quick Comparison of ECCU’s Debt Consolidation Options
|
Solution |
Best For |
Advantages |
Considerations |
|
Personal Loan |
Moderate debt, steady income |
Fixed rates, predictable payments |
Rate depends on credit score |
|
Home Equity Loan/HELOC |
Homeowners with available equity |
Lowest rates, larger loan amounts |
Uses home as collateral |
|
Balance Transfer Credit Card |
Good to excellent credit, fast payoff |
0% intro APR, one payment |
Must pay off before promo ends |
If you’re struggling with multiple credit cards, medical bills, or personal loans, debt consolidation with ECCU can help you regain control. Whether you choose a personal loan, a home equity loan, or a balance transfer, our solutions make it easier to pay off debt, save on interest, and move forward with confidence so you can focus on what matters most.
Why Consolidate Debt with ECCU?
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Lower interest rates than most banks and lenders.
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Free Debt Consolidation Calculator to explore savings.
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Personalized solutions—loans, home equity, and credit cards.
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Access to free financial counseling to keep you on track.
Take the first step toward financial freedom. Schedule a free consultation with ECCU today!
