Debt consolidation loans
Consolidate high-interest debt into one monthly payment with Oregon State Credit Union personal or home equity loans. You could pay less interest and reduce your debt faster.
Personal loan rates as low as 12.49% APR
Struggling with multiple payments? Consolidate your debt into one fixed-rate loan and enjoy lower interest, predictable payments, and no application fees or prepayment penalties. Borrow $250 – $75,000 with flexible terms up to 60 months.
Home equity loan
Use the value in your Oregon or Washington home to fund a variety of needs, including debt consolidation, education expenses, education, home improvement and more.
- Affordable — Fixed rates are lower than many other types of credit. Thousands in savings with low fees.
Debt consolidation frequently asked questions (FAQs)
What is a debt consolidation loan?
- 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 debt to gain financial focus and control you didn't have before the consolidation.
Can debt consolidation reduce your debt and improve your cash flow?
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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. Click here for our debt consolidation article.
Can you reduce or eliminate debt without loans, credit counselors or agencies?
- 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, Seven steps to reduce debt and improve your credit score.
When debt consolidation works and when it doesn't
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:
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Your monthly debt payments, including rent or mortgage, take up most of your monthly income.
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Your credit does not qualify you for a lower interest loan.
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Your cash flow will not cover all your payments.
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It would take you more than five years to pay off the new loan.
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You do not have your spending under control.