A new year means new goals. Often resolutions are made at the beginning of the year and aren’t always maintained till the end. But if your resolution–or goal—was something financial, you’d want to figure out methods to stay on top of it (check out this blog post for tips on maintaining your resolutions).
New year financial goals are common. In fact, 49% of Americans want to save more money in 2023. If that’s you, how do you make that happen? Budgeting may come to mind as the first step (which isn’t technically wrong), but that’s only one piece of the money-saving puzzle.
Debt Consolidation is one of the best ways to take control of your finances and save. Why?
- Combining debt into a single loan reduces the chance of accidentally missing a payment.
- Consolidating high-rate loans into one at a lower rate could save you money!
In the chart below, see how you could save over $3,500 in interest by consolidating three loans to our low-rate Signature Loan.
|Loan Type||Amount Owed||Rate (APR)||Interest Paid|
|Loan Type||Amount Owed||Rate||Interest Paid|
|Yolo FCU Signature Loan||$20,000.00||7.99%*||$3,428.27|
†Based on a 48-month term. Numbers above are examples for illustrative purposes only.
So, why is a Signature Loan a good option for debt consolidation?
- Your monthly payment doesn’t change because our Signature Loan has a fixed rate for the life of the loan.
- With a set end-date, you know that once you’re done, you’re done!
- Debt consolidation combined with other savings tacticscould help you achieve your financial goals this year.
We are your resolution solution. Apply today for our Signature Loan or schedule an appointment with a Yolo Federal representative. Need some help crunching the numbers? Schedule a Financial Review with a local expert, and we’ll help you find the path to reach your goals.
*APR=Annual Percentage Rate. Final rate and term is based on creditworthiness. Some restrictions may apply. Payment on a term of 48 months equals $488.09 for a loan amount of $20,000. Rates subject to change. Rate effective January 1, 2022.