Managing and understanding debt is crucial to financial security and well-being. We sometime take on more credit than we can afford and find ourselves facing high credit card debt, past due bills, and collectors on the telephone. Velocity offers several types of services to assist its members with these issues.
Debt Consolidation
Debt consolidation loans may be a solution to high debt levels, but they are not appropriate or possible in every case. If you are a homeowner, a Home Equity Loan might be the right debt consolidation option for you. Consider the Credit Union's fixed rate Home Equity Loan. There are no prepayment penalties, no annual fees and no closing costs upto the first $450. Home Equity loan payments are determined by the length of the term chosen, and interest paid on the loan may be tax deductible (consult your tax advisor to be sure).
In order to increase your chances for receiving a debt consolidation loan it is important to act before your debts have become too large or before your credit rating has been seriously damaged.
Learn more about Home Equity Loans
Free Credit Counseling
Velocity offers its members access to FREE financial and budget counseling through BALANCE Financial Fitness. Certified counselors will help you develop and balance budgets, manage money, and build savings, by phone 24 hours a day, 7 days a week.
Contact Information:
Toll free: 888.456.2227
On the web: www.balancepro.net/partners/velocitycu/
Additional educational information: www.crediteducation.org
Access to your Credit Report
You can get access to your credit report through BALANCE'S Credit Report Review. This service helps you analyze your credit score and find out ways that it can be improved.
Contact Information:
Toll free: 888.456.2227
On the web: www.balancepro.net/partners/velocitycu/
Additional educational information: www.crediteducation.org
Debt Management Plans (DMP)
A DMP can help you pay creditors and get out of debt faster, particularly when it involves credit card debt. Velocity also offers you the option of getting on a debt management plan, through our collaboration with BALANCE Financial Fitness. BALANCE can often work directly with your creditors to arrange reduced interest rates or more favorable payment schedules. Many BALANCE clients are able to avoid bankruptcy and execute a plan that allows them to repay their debts and build a positive financial future.
Contact Information:
Toll free: 888.456.2227
On the web: www.balancepro.net/partners/velocitycu/
Additional educational information: www.crediteducation.org
