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Contributor

I have about 18,000 dollars in credit card debt and it's frustrating with all the payments coming on seperate days and even with automatic payments it's a hassle. Is there any debt consolidation loans USAA offers? I would prefer not to hear about "address how you got into debt" first replies. I know how I got into debt and I'm moving out now but think consolidation all debt into one payment is the easy option and can decrease my interest because all cards I currently own have different interest rates. Thanks.

11 REPLIES

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Hi S3ri0s,

 

We do not have a debt consolidation loan, but the personal loans offered could be used for this. You can click here for more information on personal loans or give us a call at: 1-800-531-USAA (8722). Thank you, wishing you the best!

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im on the same boat as S3ri0s, however its between my wife and i. if we combine all debt it is about $33,000. Would a personal loan be a good option for us?

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Dear Belias,

I recommend you reach out to our Financial Improvement Team at 1-800-531-USAA(8722) extension 2-4483. This team concentrates on member assistance related to: debt management, budgeting and building/maintaining credit. Hopefully they can help you and your family with a debt management plan. Good luck1

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I have been on hold with the debt management team for over 20 minutes are they really that difficult to get a hold of? 

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Hi Luv4Autumn,

 

Just checking in - were you successful in reaching a representative yesterday?

 

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If you have any concerns about your credit score, a debt consolidation loan will lower that score.

I would start by calling your credit cards to see if it's possible to change the due date. Most of them

should be very accomadating. If they are not willing to do that, another option; and it may be difficult.

Is to make an extra payment, therefore getting you ahead by one month and you can then pay them all

on the date that you wish. Then start by paying only the minimum payments on all of the cards. Take the

monies that you might have been over paying to the other cards and consolidate that on the highest

interest card, or if that card has the highest amount owed pay the lower debt cards off 1st. Doing this

will allow you to see faster results and keep you motivated to reach your goal.

Every time you pay off a card you can then apply the payment from that card to the next and so on.

This will not only pay your debt faster but will also increase your credit score.

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Home equity line of credit should be a last consolidative approach on debt, but if you can repay your home equity within a reasonable period of time, it's more affordable than relying on bank loans. The goal of debt consolidation though is to rehabilitate all finances, alter spending, and increase investing.
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Recommend that you work on lower interest rates on the cards. If you credit is above 700 you could get a card to transfer all debt with no interest for 1 year. Just an idea.