Velocity Credit Union is your credit union. It's our goal to provide you with the caring, quality service that helps you to achieve financial success -- no matter what stage of life you're in.
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 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 up to 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.