What options are at your disposal for Debt Consolidation at JetStream?

Do you feel overwhelmed by having multiple debts? Do you struggle to keep track of all your monthly payments? Debt consolidation might be the solution you're looking for! At JetStream Federal Credit Union, we offer debt consolidation options designed to help you simplify your finances and take control of your money.

In this article, we'll explain everything you need to know about debt consolidation at JetStream FCU.

What is Debt Consolidation?

Consider your debts as several heavy backpacks full of books; you must carry them all at once. It's hard! Debt consolidation is like putting all those books into a bigger, easier-to-carry backpack. In financial terms, it means taking out a new loan to pay off all your existing debts.

Why Consolidate Debts?

• Simplify Your Payments with a Debt Consolidation Loan: Instead of making multiple payments to different creditors, you'll make just one monthly payment. Such a setup saves you time and reduces the risk of missing a payment!
• Reduce Your Interest Rates: Making a single monthly payment instead of multiple payments to different creditors saves you time and minimizes the risk of missed debt payments.
• Shorten or Lengthen the Loan Term: You can choose a loan term that fits your budget, allowing you to pay off your debts faster or have lower monthly payments. You can pay off debt at your own pace without any prepayment penalties.
• Improve Your Credit Score with Effective Debt Management: When you consolidate your debts and make timely payments, you set yourself up for a higher credit score through effective debt management.

Debt Consolidation Options at JetStream FCU

JetStream FCU offers several options to help you consolidate your debts:

• Personal Loans: You can use a personal loan to pay off your existing debts and combine all your payments into one. We offer personal loans up to $20,000 with flexible terms Maximum of 5 years of Repayment, allowing you to consolidate credit card debt and simplify your monthly payments.
• Credit Card Balance Transfers: Transfer your debt into a single credit card with a lower interest rate to simplify your finances and reduce your monthly payments.
• Secured Loans: If you own a home or car, you can use it as collateral to get a loan with an even lower interest rate as a Cashout Refinance or Home equity Line of Credit.

Requirements for Debt Consolidation at JetStream FCU

To apply for debt consolidation with us, you generally need:

1. To Be a Member of JetStream FCU: If you're not already a member, you can join easily. We are open to those who live, work, worship, or study in Miami-Dade or Carolina, Puerto Rico.
2. Identification: Either Your driver's license or official ID, US passport, or Valid Work visa with a Temporary driver's license is required for the debt consolidation loan application.
3. Proof of Income: 2 Most recent Pay stubs, Latest tax returns, bank statement with direct deposit or verification of employment.
4. Debt Information: Statements from your credit cards, personal loans, etc.
5. Credit History: We will review your credit history to determine your eligibility and interest rate.

Steps to Consolidate Your Debts

1. Research: Explore debt consolidation options on our website.
2. Apply: Complete the debt consolidation application with all required information.
3. Approval: We will review your application and notify you if you're approved.
4. Close the Loan: Sign the loan documents and get ready to simplify your finances!

We will pay off your old debts: We will use the new loan to pay off your old credit card debt. So, you'll only need to worry about one monthly payment towards your debt consolidation loan!

Additional Resources from JetStream FCU

We offer you a variety of resources to help you make informed decisions about debt consolidation:

• Online Calculators: Use online calculators to estimate your monthly payments and determine how much you can save.
• Articles and Guides: Explore articles and guides on our website to learn more about debt consolidation.
• Financial Advice: Talk to our financial advisor for personalized advice.

If you're looking to simplify your finances and take control of your debts, debt consolidation could be the perfect solution for you. With competitive rates, flexible options, and friendly service, we’ll help you achieve your financial goals!

Remember, this article is just an informational guide. It's always a good idea to talk to a JetStream representative for personalized credit counseling advice. Good luck with your debt consolidation and enjoy a simpler financial life!