How Coastal Can Help You Consolidate Your Debt

A recent survey showed that 3 in 10 Americans have more credit card debt than emergency savings. Perhaps you don’t have credit card debt, but you’re dealing with debt from student loans or auto loans.

Regardless of what your debt stems from, it’s understandable that people often feel helpless and stuck in a financial rut due to ongoing debt. Coastal can offer a consolidation strategy that will save you money in the long run and get you on the path toward financial well-being. Here are a few ways Coastal can help.

1. Rate Advantage Visa Credit Card

Need a credit card with a better rate? When looking to consolidate debt, make Coastal’s Rate Advantage Visa Credit Card your first choice. The Rate Advantage Visa Credit Card has a low rate of 0% APR for the first 6 billing cycles with no annual fee or penalty rate¹.

Coastal makes consolidating debt easier with this credit card option, as it allows you to transfer your higher-interest balances and then pay them down with the interest-free introductory offer for the first six months. Once the introductory rate passes, this card continues to give you the purchasing power you need with a competitive rate that’s easier on your finances.

2. Home Equity Line of Credit (HELOC)

Did you know that your home’s equity can be an asset in consolidating your debt? That’s right. Over the years, as you have made mortgage payments on your home, your house’s market value has most likely increased to greater than what you owe on your mortgage.

Coastal offers lines of credit that let you borrow up to 100% of your home’s equity, giving you flexibility to access money when and where you need it. With rates as low as 8.99% APR², Coastal offers lines of credit ranging from $5,000 up to $250,000 for qualified borrowers. Say goodbye to debilitating debt once and for all with a HELOC.

3. Home Equity Loan

Now that we’ve covered how a HELOC can help you consolidate debt, let’s discuss the other ways Coastal can help you utilize your homes equity to your advantage. Whether you choose a Home Equity Line of Credit (HELOC) or Home Equity Loan, Coastal’s experts will help you pick the right option for your needs and budget. 

With extremely competitive rates, Coastal lets you turn the value of your home into a smart financing option with 100% financing available. Both options offer flexible repayment terms with no annual fees, minimum draw fees or payment penalties, which helps you consolidate debts and save more.

4. Personal Loan

A personal loan provides a quick way to pay off debt altogether and consolidate your payments into one place. With competitive rates as low as 7.75% APR³, Coastal can help you save money from higher interest rates and combine your debt into one easy payment each month. With up to 5 different personal loan options, Coastal offers various terms up to as long as 10 years that can be adjusted to fit your personal budget.

If this option sounds like a good fit for you, complete Coastal’s online application to deliver your loan faster.

5. Mortgage Refinancing

Did you know that refinancing the mortgage on your home can help with consolidating debt, too? Renegotiating a mortgage is not always an easy decision, but you could save hundreds of dollars in monthly payments and save the extra money for things like consolidating debt. Your friends at Coastal will help you get the lowest interest rate and lowest monthly payments possible.

Since you last got your current mortgage, interest rates could have dropped significantly. With the help of Coastal’s free current loan calculator, you can decide whether it’s the right time to try to refinance and potentially save hundreds each month.

Not sure which consolidation strategy is best for you? Coastal’s team of experts are available and ready to answer your questions about how you can consolidate your debt this year and start saving more of your hard-earned money. Contact us today to get started.

All loans are subject to approval.

1. A special introductory offer on purchases and balance transfers rate of 0.00% APR applies for 6 months from the account open date. At the end of 6 billing cycles, the transferred balances will migrate to the standard rate qualified for. Fees tied to balance transfers do apply. You may not transfer balances from one Coastal credit card to another, nor can it be used to make a payment on a Coastal loan.
2.  APR = Annual Percentage Rate. The APR for a Coastal Federal Credit Union Home Equity Line of Credit is variable and based on Prime Rate as published in the Wall Street Journal, ten days before the end of the prior month (called the "Index"), plus a margin. The Index is current as of February 1, 2019 and is 5.50%. As of February 1, 2019, margins range from -0.01% with Relationship Pricing to +6.49% without any discounts. Your margin will be determined by several factors including but not limited to your credit qualifications, combined loan-to-value, and loan amount. Corresponding variable APRs range from 4.99% to 11.99% for Primary residences. The maximum APR for a home equity line of credit is 15%.
3. APR = Annual Percentage Rate. Your fixed rate is determined by your credit qualifications, amount financed, and loan terms. Maximum terms are based on loan amount and credit qualifications. For a $5,000 loan for a term of 5 years with a 7.75% APR, the monthly payment will be approximately $100.78.

Sources:

https://www.bankrate.com/banking/savings/financial-security-february-2019/