What is debt consolidation?
If you have multiple high-interest loans, consider consolidating your debt into one streamlined loan.
Debt consolidation allows you to roll multiple debts into a single, monthly, recurring payment with a fixed interest rate. It usually involves debts including medical or credit card bills.
Types of consolidation
There are several types of debt consolidation to meet individual borrower needs. They include debt consolidation loans, credit card balance transfer, student loan consolidation and home equity loans.
Is debt consolidation a good idea?
Debt consolidation may be a smart move for you. You may:
- Reduce your Annual Percentage Rate (APR) and lower your monthly payment.
- Shorten your repayment term.
- Improve your credit score.
- Streamline into one larger, simple monthly payment.
- Reduce your payments and shorten your repayment term.
How long will it take to pay off?
Adirondack Bank’s informative and interactive calculators can help you determine how long it would take you to pay off a loan as well as payment calculations. Visit our financial calculators for self-help tools for your use.
Apply for a loan at Adirondack Bank
If you have high-interest debt and are looking to consolidate, consider applying for a loan with Adirondack Bank. Our experienced staff can help you find the best options. Visit adkbank.com or a Branch Banking Representative for more details.
The information is this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.