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Overview
Debt consolidation loans are a practical solution for members who want to combine multiple outstanding balances into one manageable monthly payment. By consolidating high-interest credit cards, store cards, and unsecured loans into a single fixed-rate loan, you can lower your overall interest, shorten payoff timelines, and simplify budgeting.
Heritage Credit Union offers tailored consolidation options with competitive rates, transparent terms, and single-point support from our lending specialists. Whether you prefer a shorter term to save on interest or a longer-term to reduce monthly payments, we’ll help design a plan that fits your goals.
How Debt Consolidation Works
- Assess your balances. Gather a list of all outstanding accounts, balance amounts, and interest rates so our loan advisors can evaluate your situation.
- Choose a consolidation loan. Select a fixed-rate loan with a term that balances monthly affordability and total interest paid.
- Pay off existing debts. We disburse the loan funds to clear the high-interest accounts, leaving you with one monthly payment to Heritage Credit Union.
- Manage a single payment. Use online banking or autopay to ensure timely payments and improve your credit history over time.
Benefits at a glance
- Lower interest rates compared to typical credit cards.
- One predictable monthly payment.
- Potential to improve credit score by reducing utilization.
- Flexible terms and no hidden fees (terms apply).
Is Debt Consolidation Right for You?
Debt consolidation is not a one-size-fits-all solution. It works best if you are committed to stopping additional high-interest borrowing and following the new repayment plan. Our advisors look for members who:
- Have multiple high-interest balances (credit cards, payday loans, etc.).
- Can make consistent monthly payments under a structured plan.
- Want to simplify payments and lower interest costs.
If you frequently add to existing balances or miss payments often, consolidation alone may not fix the root cause. In those cases, we offer budgeting assistance, credit counselling referrals, and financial education to support long-term success.
Features & Advantages
Lower interest rates
Consolidate high-rate balances into a single lower-rate loan to reduce overall interest paid.
Single monthly payment
Simplify your budget by replacing multiple due dates with one predictable payment.
Flexible terms
Choose repayment periods that match your cash flow — shorter terms save interest, longer terms lower payments.
Transparent fees
No surprise charges — we disclose origination fees, payoff details and all terms up front.
Potential credit improvement
Reduce credit utilization and show consistent payments to help rebuild credit over time.
Dedicated support
Work with a loan specialist who helps implement the consolidation and answer questions during repayment.
Real Member Scenarios
Case Study 1: Emily consolidated $18,000 in credit card debt into a 4-year consolidation loan at a substantially lower rate. Her monthly payment decreased by 22% and she saved thousands in interest across the loan term.
Case Study 2: Marco used consolidation to combine two personal loans and three store cards. With a single monthly payment and an aggressive payoff plan, he cleared his balances 18 months sooner than expected.
These examples show how a structured approach can turn scattered debt into focused progress. Results vary by individual.
Make a Smart Decision
Before consolidating, consider the total cost over the life of the new loan, any origination fees, and whether the new payment fits your monthly budget. Our specialists will provide a clear payoff analysis showing total interest savings and timeline projections so you can make an informed choice.
Next steps
- Gather statements for all accounts you plan to consolidate.
- Use our online loan calculator to estimate payments.
- Schedule a consultation with a Heritage lending advisor or visit your local branch.
Start your application today and get personalized options that match your financial goals.
