Debt consolidation can be powerful way to take control of your bills, pay off debt sooner and simplify your payment.
As a community bank serving Cumberland, Dauphin, Lancaster, Luzerne, Northumberland and Schuylkill Counties, Mid Penn Bank has several options to help individuals consolidate bills and debt.
What Is Debt Consolidation?
Debt consolidation options typically help to combine multiple debts into one loan. When this happens, you may be able to take advantage of a lower interest rate, and rather than having to make multiple payments each month, you will have one lower monthly payment. You can spread out your payments over a longer period of time or shorten them to get out of debt sooner.
Debt Consolidation Options
The following debt consolidation options are available from Mid Penn Bank:
- Home Equity Loans or Lines of Credit – If you own a home in Harrisburg, Lancaster, or surrounding Central Pennsylvania communities, you can use your home’s equity to consolidate your loans. If you are a homeowner, obtaining a home equity loan or line of credit may be your best option to pay down your debt with one bill and most likely, a much lower interest rate.
- Visa® Consumer Credit Card – If you have several credit cards with balances, consider how a balance transfer to a credit card with a lower rate can save you money. Our Visa® and American Express® credit cards offer reward programs, low introductory rates and other perks to help make loan consolidation easier.
- Personal Loans – Personal loans (including lines of credit and installment loans) have lower interest rates than most credit cards and offer a viable solution for credit card debt consolidation.
Benefits of Debt Consolidation
There are many reasons to consider debt consolidation:
- If you have multiple credit card balances or loans, you can save on interest costs.
- If you have multiple bills, streamline your finances with just one bill to pay instead.
- If you’re worried about bankruptcy, consolidation may help you pay down your debts.
- Consolidation can make it easier to get out of debt by reducing your interest costs, so more of your money goes toward paying what you owe.
- Consolidating your loans and paying off your debts can help boost your credit score.
If you’d like to gain control over your finances and consolidate your credit card or loan debt, contact Mid Penn Bank today.