Debt Consolidation

Obtaining a debt consolidation loan makes sense for people who have a high level of expensive debt and/or many bills. By consolidating your debt you can lower your total monthly payments.  And it gives you the flexibility to determine the length of time of the loan. Another benefit is the elimination of calls from collection agencies, because you are working directly with one single lender, San Francisco Federal Credit Union.

Most individuals use their debt consolidation loan to consolidate existing monthly bills into one convenient bill, providing them with a definitive time period when the debt will be paid off. Some of the bills most commonly consolidated into a debt consolidation loan are:

• Medical bills
• Personal loans
• Credit cards
• Payday loans
• Any other unsecured debt

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Four Steps to Consider Before You Make a Decision

Before you apply for a debt consolidation loan, we recommend that you take into consideration the following four points:

• Take an accurate inventory of your total debt
• Carefully evaluate the interest you are paying on your current loans
• Have a clear understanding of your financial objectives
• Know before you  borrow

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

Debt Consolidation vs Personal Loan

Once you carefully assessed your financial situation and objectives, you are in a better position to determine if a debt consolidation loan from San Francisco Federal Credit Union is appropriate for you. Please understand, a debt consolidation loan is different than a personal loan, so any special promotions we may have available throughout the year for our personal loans does not apply to our debt consolidation loan. You can apply for your debt consolidation loan by calling 415.775-5377, by stopping into one of our branch offices or by clicking on the button to the right. All loans subject to credit approval.