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Contributor

Hello, 

 

 MY wife and I we have a total debt of 5546.60 dollards on credit cards. I was wondering if Im elegible for a Personal loan to be used as A debt consolidation loan? My current credit score is 680.I want to cancel my capitol one credit card and also I think it would be easy to manage one payment a month. 

2 REPLIES

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They do offer these types of loans but believe they are limited. I heard or read others have issues with these. I do think this is one area focus that usaa could expand to help its members review there financials and issue loan to payoff other credit cards or high interest debt. On most cases they would put the member in a better month to month situation. They would also be able to set a fixed date of resolve on these debts. But to be effective the member needs to stop using the cards or line of credits.

Maybe what I have read from other users is incorrect - please advise usaa ??
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Dear Ivano,

Congratulations on taking the first steps to managing your debt. I encourage you to reach out to us at 1800-531-USAA(8722) extension 2-4483. This is the number for our Financial Improvement Team . The FIT concentrates on member assistance related to: debt management, budgeting and building/maintaining credit and can help you with some personalized suggestions for your specific situation. Thank you for commenting!

 

I also wanted to point you to the Financial Advice section of the community where a Certified Financial Planner has answered some similar debt consolidation questions! I wish you the best of luck!