2017 could be the time to sort out your finances – gain budgeting power, and save regularly. It has become apparent that many members get into the habit of repaying credit cards, store cards, loans and other financial commitments separately because they think it is their only option. It is not your only option! If your finances are making you stressed, think about consolidating.
What is consolidation?
Consolidating simply means applying for a loan, to encompass and repay all of your separate debts. For example, if you owed £1000 on a credit card, £1000 on a store card, £1000 for car finance and £1000 for a loan, you would ask to borrow £4000 from No.1 Copper Pot Credit Union and repay each individual debt. This enables you to have one loan, one manageable monthly repayment, and one interest rate.
For many of No.1 Copper Pot’s members this can mean a lower interest rate, lower monthly repayments and a shorter loan term. However care should be taken when consolidating debt. It may increase your total amount payable or the period over which it is to be paid and impair your credit rating. If you want to discuss your options you can speak to one of their dedicated Loan Officers on 0161 741 3160.
Click here to find out further details about joining the Credit Union.
Alternatively, if you would like more information on consolidating you can find more in depth advice on the Money Advice Service website:
No.1 Copper Pot Credit Union 3 step guide to consolidating:
Be honest. Assess exactly how much you owe, what amount you are paying each month, the interest rate that you are being charged and also the term of the debt.
If you find a loan with us would reduce your monthly outgoings, or reduce the loan term enough to ease financial strain, then you may want to consider applying.
If you have done your calculations, considered all of your options and have come to the conclusion that consolidating is your best option, don’t waste any time and applytoday.