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Digital News Report – It is the season for debt consolidation loans. The recent holidays have proven to be especially difficult with high unemployment and increasing consumer debt.
In December consumer credit increased 2.8% on an annual basis. Credit card debt increased even more, up 3.5%.
U.S. Bank offers a variety of solutions. The lending institution says that consolidation high interest debt into a low interest payment can save consumers money every month.
The bank offers home loans and personal loans. They also offer personal and secured lines of credit. Securing the loan with a home can save money. The rates at the bank start at 3.99% APR.
The bank still offers “interest only” loans secured by a home.
Typically a customer will pay a higher rate for a personal loan. But these rates may still be lower than credit card rates. Customers can “enjoy” instant access to a line of credit via their “Premier Line’s revolving, open-end line of credit”.
Borrowers can used the money to pay off student loans and unexpected expenses. Unlike payday loans, these obligations can be paid-off over time and at a lower interest rate.
The bank gives customers a Visa® Platinum Access Card or checks. There is no collateral required and customers can have fast access to funds.
By Tina Brown