We saved our members over $1,260,950 since the start of 2023! That’s some serious savings! Check out a few stories from our members of how we helped them save money through debt consolidation.
One of our members was interested in a personal loan to purchase an older vehicle. A Debt Consolidation Specialist investigated her credit report and noticed seven different credit cards with high balances. We let her know that we could also use this loan to consolidate that debt as well, and for a lower rate than most other credit cards, so we went through with it! The member was very happy that we uncovered this and helped her save a ton of money on interest.
One of the Debt Consolidation Specialists assisted four separate members in the span of one week with consolidating debt and saving money. She helped these members refinance their vehicles, as well as consolidate some of their credit card debt. One specific member transferred balances from five existing credit cards over to a single Northeast Credit Union Credit Card, with zero balance transfer fees.
A Debt Consolidation Specialists helped one of our members who had been declined three times here.
Our specialist took some time to understand what the member was trying to accomplish. He built out three options that would solve the member’s needs, one of them being a refinance of the members’ mortgage. The member has chosen to do a home equity to refinance $140,000 and this application has been approved, saving this member $1,117 a month!
This heartwarming story also came out of one of our branches.
A member of 23 years came in one afternoon and asked for an appointment for debt consolidation. One of our Debt Consolidation Specialist sat down with her and quickly learned she has been struggling financially since her husband passed away just a few years ago. She was semi-retired, but due to limited income, a knee surgery and mounds of debt, she was unable to completely retire. Her debt consisted of a co-signed defaulted auto loan, which then resulted in credit card debt to make the payments for the auto loan.
Together with a great lending team, we were able to approve her for a $14,550 low-rate Personal Loan, allowing her to pay off her credit cards and her knee surgery, reducing to one low monthly payment.
What does becoming debt-free mean to you?
Debt-free can mean being able to take advantage when opportunity knocks, sleeping better at night not worrying about which bill to pay next, or getting back the freedom to make those big life changes that you’ve been planning for.
Our Debt Consolidation Specialists are here to help you make a plan that you can stick to. Go to necu.org/debt-consolidation, make an appointment and get closer to that debt-free feeling.