Make me feel hopeful about money again
Why does debt consolidation work?
For real: why take on more debt to get out of debt?
It’s a fair question. But here’s the thing: use the money from a consolidation loan to pay off your other debt. So you’re wiping everything else away. All you’ve got now? One monthly payment and a new sense of relief.
"I am so relieved. I finally feel like I have a financial future."
4 Steps to Regaining Control…and Hope
Get your info togetherDetermine what debt you're including. If you're consolidating credit cards, you'll need to provide your credit card account numbers and current balances.
Apply onlineApplying for the loan is fast, easy and online. Request the amount needed to pay off your cards. Apply for as little as $500 or as much as $25,000.
Get your check(s)After you're approved, you'll receive checks to pay off your cards.
Stop SwipingYou’re going to be tempted to start using your cards again – especially when those tantalizing new card offers start showing up in the mail. Remember: you are just getting things under control. And if you start building a credit card balance again, you’ll have to pay that plus the consolidation loan.
"I didn't know a credit union could help me!"
Let's be sure we can. Here's how you can qualify for an MHV Debt Consolidation Loan.
Your credit card interest rate is overwhelming, but you're not behind on any payments yet.
Your credit score is holding steady somewhere above 640.
You're not trying to lower or consolidate a student loan.
Your Smartest Money Move
You’re not alone. At MHV, 43% of our personal loans in 2023 were for debt consolidation. Yes, it’s hard to admit you need the help. But this kind of lifeline? Used right, it can be your smartest money move this year.