DEBT CONSOLIDATION
At Oregon State Credit Union
With a personal or home equity loan from OSCU, you could save on interest and pay down debt faster.
ONE LOAN, ONE PAYMENT, MORE PEACE OF MIND
KEY BENEFITS
Predictable payments
Low Rates
Low fees
Flexible terms
Two ways to simplify your debt
Managing multiple payments can feel overwhelming. At OSCU, we make it easier with two smart solutions designed to simplify your debt, save you money, and give you breathing room in your budget.
Personal Loans
Less stress, more progress
- Personal loan rates as low as 12.49% APR*
- Consolidate multiple payments into one fixed-rate loan
- Predictable monthly payments with flexible terms up to 60 months
- Borrow $250–$75,000 with no application fees or prepayment penalties
*Featured APR includes rate reductions for member merits and automatic monthly payments.
Home Equity Loans
Financing with a foundation
- Tap into the value of your home to consolidate debt or cover other big expenses
- Affordable fixed rates and low fees help you save thousands
- Consistent monthly payments, with terms up to 15 years
Debt Consolidation FAQs
It’s a loan you use to pay off other loans. Debt consolidation combines multiple loans into a single payment. The idea is to roll several debts into one single lower-interest debt to get on track to pay off your debt faster with predictable payments. You can also potentially save thousands in interest expense.
It depends on how you go about it. Guidelines include: consolidate the right debt, address your spending habits (we have free tools to help) and research your options. Read more in our article, Debt Consolidation: Is it Right for You?
Yes, you can. It will take time, patience and discipline. The sooner you begin, the sooner you’ll gain financial benefits. Start now with our article, How to reduce debt and improve your credit score.
Consolidating debt can be the way out of runaway debt, especially if you have multiple high interest loans. For example, if you take out a personal loan with a 60-month term, you know you will have your debt paid off in five years, assuming you make your payments on time and don’t overspend. Remember: Paying off multiple credit cards with a debt consolidation personal loan should not be an excuse to run up the balances again.
Consolidating your debt does not solve the underlying issues that got you into debt in the first place. Debt consolidation may not be the right solution under the following conditions:
- Your monthly debt payments, including rent or mortgage, take up most of your monthly income.
- Your credit does not qualify you for a lower interest loan.
- Your cash flow will not cover all your payments.
- It would take you more than five years to pay off the new loan.
- You do not have your spending under control.
Will consolidating my debt into a new loan be beneficial?
Use this debt consolidation loan calculator* to give you an idea of where you stand.
- Enter your information, including the consolidation loan rate you’re considering and the loan(s) you want to consolidate.
- Calculate your results, consider your options. Revise your information if desired.
- Email your results to yourself for your records.
- When you’re ready, apply for your preferred type of debt consolidation loan or call us at 541-714-4000 to talk about your loan options. We’re here to help!
*Interactive calculators are made available as self-help tools for your independent use and are not intended to provide financial advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance matters.