Debt Solution Options To Improve Your Credit and Take Control of Your Finances

Posted by Members Choice Credit Union on November 27, 2020

Financial Education, Credit Score

Getting out of debt isn’t easy, and that’s especially true when you don’t have an understanding of your options to consolidate and get debt under control.  Fortunately, there are plenty of ways to pay down debt, and make your money go further. Some of the Members Choice debt consolidation options and resources we outline below can also work well together to help you get out of debt faster, and save money along the way.

Consolidating Your Credit Card Debt

With the added stressor of reduced income brought on by the coronavirus, the interest on high interest credit card debt can stack up. Consolidating your existing credit card debt with a 0% introductory APR* card that has a low rate and no annual fees could be a great start to not only lower your monthly payments but ensure that your payments go towards the principal and not the interest, saving you money in the long term. Other added benefits of consolidating your credit card debt are improving your credit, earning rewards for your purchases, and making it easier to keep up with one monthly payment. 

Personal Loan to Consolidate Debt

If consolidating your debt with a low rate credit card doesn’t sound like the right option for you, using a personal loan to refinance your existing debt or pay for unexpected expenses can help make your finances more manageable. A Members Choice personal loan can be a great option to get back on track with no transfer fees and the option of skipping your payments for the 3 months** to give yourself some breathing room. 

Refinancing Your Auto

If your income and finances have changed since you financed your current car and the monthly payments now feel too high, you can opt to refinance your auto for a lower monthly payment. If you’re also in need of extra cash you have the option to use the equity you’ve already built in your car to borrow against it or take advantage of the option to skip your payments for 90 days** to catch up on other financial obligations before you begin paying off your new loan. 

Other Debt Relief Resources

While refinancing and consolidating your current debt can be a good option to take control of your finances it’s important to understand what caused the debt in the first place. Sometimes spending behaviors, lack of financial knowledge or unexpected expenses can all be factors in getting into debt. By using the guide below you can become more financially savvy and get on the right path to sustainable financial wellness

Debt Consolidation Guide

Take your finances in the right direction with our free Debt Solutions eGuide available to all which can help you learn more about solutions to eliminate debt, strategies to build good credit, tips to stay out of debt and more. Get the free e-guide here.

If you’d like to become a member to start receiving all of these Members Choice benefits, you can join online or in a branch. Get started here.


* APR = Annual Percentage Rate. Introductory rate of 0% for 6 months on purchases and an introductory rate of 0% for 12 months on balance transfers from the date of account opening. After introductory period ends, the APR will be 6.75% (Choice Rate Visa) and up to 18.00% based on your creditworthiness, when you open your account. This APR will vary with the market based on the Prime Rate. Balance transfer must be initiated within the first 180 days of account opening in order to qualify for introductory rate. A balance transfer could take up to six weeks to appear on your new card, depending on your previous card issuer. Check your accounts to track progress, and make sure you continue to make at least the minimum payment on the card you transferred the balance from on time to avoid late fees.

**Interest still accrues during this time