Back in August, I helped these members with an auto loan refinance and found out they had over $70,000 in combined credit card debt so I immediately wanted to help improve their financial situation. I ran a few projections and let them know an equity loan could help consolidate that debt and save them money. They weren’t big fans of the idea of borrowing more money against their home, but they agreed to discuss it.
A couple of weeks passed without hearing from them, so I sent a note to remind them that I am here to help. About a month later, they were in the branch so I asked if they received my card. They said yes, and wanted to talk a little bit more about the application process. Again, they expressed their concern about having that large of a loan and didn’t want to use all of the equity in their home. I explained their total debt wouldn’t change, because we would simply be paying off balances they already owed, but wanted them to be comfortable with the loan. Therefore, I ran a few more projections and let them know we could also submit the application for an amount they felt good about. They thought that was a GREAT idea and gave me the green light to submit the application!
When we were all done, these members were approved for an Advantage Equity loan and were able to payoff 10 different credit cards. They were originally paying a combined total of $941/month for those cards, and will now have only one monthly payment of $382.60, saving them $558.40/month!