Is Debt Consolidation the Best Choice for My Finances?

For many, debt consolidation can be beneficial when it comes to refinancing loans and paying out debt. For others, debt consolidation can help very little in their goals of becoming free of the financial and emotional burdens of debt.

While it may sound tantalizing to consolidate all of your loans into one place, there’s much more to consider when choosing to consolidate your loans. It may be true that consolidating multiple credit accounts into one principle loan with a single payment can help lower your overall monthly expenses and eliminate the stress of multiple payments each month, but it could be possible that you would lose certain benefits, increase your time spent in debt, face higher interest, and more.

Remember that consolidation works best as part of a larger plan to become free of debt, not as a way to postpone repayment. Before you seriously consider consolidating your loans, ask yourself the following questions:

• Is my debt load manageable?
• Is my credit level advantageous for debt consolidation?
• Am I serious about becoming debt-free?
• Is a personal loan the best option for my finances?
• Will it help me face my student loans more efficiently?
• Once I am debt-free, will I be able to stay debt-free?

It may be to your benefit to talk to a Member Advisor at St. Cloud Federal Credit Union to answer the questions above and more to help you determine if debt consolidation is best for you.

St. Cloud Federal Credit Union offers another easy way to help determine whether debt consolidation is right for you. The St. Cloud Federal Credit Union Personal Debt Consolidation Calculator offers a simple method of self-calculating your credit cards, auto loans, and other loans and installment debt. The St. Cloud Federal Credit Union also offers a comprehensive glossary of loans terms for transparency and for those new to the process. To learn more, check out our Personal Debt Consolidation Calculator.

Debt repayment and credit counseling programs can further help you repay your loans more efficiently. Whichever method you pursue in consolidating your debts, know that the experts at St. Cloud Federal Credit Union can help you get your finances in order and can help you on your way to becoming debt-free.

Join the WINcentive Savings Program at St. Cloud Federal Credit Union

St. Cloud Federal Credit Union is offering an opportunity for our members to win free cash prizes while developing smart saving habits. Fourteen credit unions across the state are already participating in the WINcentive Savings Program.

What is WINcentive?The WINcentive Savings Program is just another way that Minnesota credit unions reward their members and encourage healthy and stable savings planning in a fun and productive way. WINcentive is a prize-linked savings accounts that gives you the opportunity to win up to $5,000 in cash prizes.

What can I win?
50 members will win $100 each month, five members will win $1,000 each quarter and one member will win $5,000 each year. Winners will be announced on the Prize Winners page on the WINcentive Savings website.

How does it work?
For every $25 monthly increase in your savings account balance, you earn an entry into the monthly, quarterly, and annual state prize drawings with a maximum of four entries per month per member per participating credit union. All you need to do to maximize your monthly raffle entries is to deposit $100 into your savings account each month.

How can I participate?
In order to participate in the WINcentive program and be eligible to win prizes, you must open or have an eligible account. You must also be a resident of Minnesota and be a member with a regular share account in good standing with a participating credit union. If you fail to meet the account eligibility requirements, then you will no longer be eligible to participate.

When will it start?
The first WINcentive Savings Drawings will occur in February 2016 for January deposits. For a schedule of future drawings, visit the 2016 Statewide Prize Drawing Schedule.

Where do I go for more information?Visit the Minnesota Credit Union Network for more information about the WINcentive Savings program, as well for savings resources and the prize schedule.

The best part of this program? You can’t lose! Even if you do not win one of the drawings throughout the year, you’ll still have a hefty savings account by the end of 2016. Stop in to St. Cloud Federal Credit Union today to open your savings account. Good luck - and happy saving!