It’s almost impossible to have a goodnight sleep when you are surrounded by debts and mounting monthly bills. This is because you need to pay down your debts and manage them in a way that they do not affect your credit status. Today, there are several banks and debt management companies in the market who may be able to help you manage your debts and pay them in a timely manner.
For instance, US Bank is one of leading banks in the U.S. that can help you consolidate your debts with its loans and lines of credit.
How US Bank can help you with debt consolidation?
The bank offers several lending options that you can get to meet your debt consolidation needs. A low rate personal loan from US Bank will allow you to consolidate your high-interest debts and you will be able to save some hard earned money each month.
An example will be the Premier Loan, which is a low rate personal loan having fixed interest rate and monthly payments.
With this loan option, you will get a one-time amount that you can use to consolidate or pay off your debts.
Consolidating your multiple loans or debts into a single Premier Loan will allow you to make only one monthly payment. This will enable you to save some cash on the interest for multiple payments that you make each month.
Unsecured Loans and Lines of Credit
Another way to consolidate your debts is through personal unsecured loans and lines of credit offered by the bank.
Unsecured loans and lines of credit are offered only to existing US Bank customers and they provide quick and easy access to funds whenever you need them.
You can use the loan amount to pay off debts and credit card bills or make mortgage payments, though you are free to use it anyway you want.
The advantage of using an unsecured loan or line of credit is that you do not need to provide any collateral against the loan.
Secured Loans and Lines of Credit
A home equity line of credit provides fast access to funds to meet your needs. This line of credit is taken against your home’s equity.
Typically, you will get lower rates and flexible terms that will allow you to manage your budget in a better way. For example, you can use the loan amount to pay down multiple debts and avoid late payments and defaults.
The best thing about a home equity line of credit is ongoing access to funds through check, ATM, EquiLine Visa Gold Access Card or at any branch of the bank.
Alternatively, you can use the equity in your home to secure a one-time lump sum amount, which is an ideal way to consolidate multiple debts or pay for other expenses.
This home equity loan provides you the security of fixed interest rate payments, potential tax advantages, and a steady repayment term. Benefits of home equity loan also include quick & convenient access to funds, longer repayment terms (as long as 30 years), competitive interest rates and flexible terms.