The Best Tools to Use When Refinancing Debt


  • There are several options for debt consolidation at GHS Federal Credit Union.
  • With a personal loan, you pay off all your debts at once and you’re left with one monthly balance to pay with one interest rate that will save you money.
  • If you have high interest credit card debt, doing a balance transfer to a GHS Visa card is a smart option because we have a 0% introductory rate for the first six months. If you work hard to pay off that balance in those first six months, you’re likely to save a lot of money in interest.
  • A smart way to pay off debt quickly, or even avoid debt in the future is to have automatic payments or savings set-up. You can set-up automatic transfers or our bill pay option to pay all your debts on time and in full every month, helping you to avoid late fees. By setting up automatic transfers for a savings account, you can avoid dipping into credit card debt for unexpected purchases since the cash is already in your account!
  • The last two options only apply if you’re a home owner because they’re a home equity loan and a HELOC, or home equity line of credit. The only difference between them is a home equity loan is given to you in a lump sum, and the HELOC is not, it’s treated more like a balance transfer.
  • GHS is here to help with any questions concerning your accounts and managing your money goals! Stop into one of our open branches or give us a call at (800) 732-4447.