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Debt Consolidation Presenter: Esteban Arze

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  • Debt

    Consolidation

    Presenter: Esteban Arze

  • Debt Consolidation

    Have you ever wondered if there is a connection between health and wealth?

    Better decisions

    Clarity

    Less stress

    Less medical bills

  • Debt Consolidation

    American household debt hit a record $13.95 trillion in 2019

    Average American Debt by Age GroupUnder 35: $67,40035–44: $133,10045–54: $134,60055–64: $108,30065–74: $66,00075 and up: $34,500

    https://www.debt.org/faqs/americans-in-debt/demographics/

    https://www.debt.org/faqs/americans-in-debt/demographics/

  • New Year’s resolution

    Getting out of debt

    Saving Money

  • The following danger signals can indicate financial problems ahead:

    • Are you continually late in making your payments?

    • Are you near the limits of your credit cards?

    • Do you make only minimum payments on credit card balances?

    • Do you find it difficult to save?

    Danger Signals of too Much Debt

  • • Do you have to use savings to pay current bills?

    • Are you using a credit card because you do not have enough cash?

    • Have you been denied credit?

    • Do you use a credit line or cash advance from one credit card to make payments on another?

    Danger Signals of too Much Debt

  • Difficulty in managing number of loans

    Different credit terms

    Different repayment periods

    Multiple monthly payments

    Higher interest rates

    Problems with multiple debts

  • Convert multiple debt payments into one

    Helps with debt management

    Saving money on Interest

    Longer Repayment Period

    Lower Monthly Payments

    Gives you Peace of Mind

    Benefits of consolidating

  • Know What You Owe

    Review your Credit report

    Review your credit card statements

    Rates

    Fees

    Other Fees and charges

  • Free Credit Report

  • Talk to your Creditors

    Contact each creditor before they contact you and explain your financial

    situation. Most creditors will work with you if you give them a realistic repayment plan and follow through as promised.

    Some creditors may even refinance the debt to reduce the size of your monthly payments if they are convinced that you are seriously trying to resolve your financial problems.

  • Determinants of Debt Consolidation Loan

    Credit Financial Trustworthiness

    Level of Confidence

    Ability to repay – Debt to Income

    Repayment History

    Credit Score

    Collaterals (secured loans)

    Savings

    Vehicles

    Real Estate

  • Type of Debt Consolidation Loans

    Secured

    Unsecured

    Mortgages (Refinance - cash out)

    Credit Cards – Balance Transfers

  • External Options for Consolidation Loans

    Interest rates fluctuate between 7.99% and 36% depending on your credit score

    https://www.nerdwallet.com/blog/loans/whats-a-good-interest-rate-on-a-personal-loan/

    https://www.nerdwallet.com/blog/loans/whats-a-good-interest-rate-on-a-personal-loan/

  • Balance Transfer Promotion

    Transfer and save with 0% introductory rate for 12 months

    Platinum Card

    Rewards Card

    No balance transfer fees

    No annual fees

    March 31, 2020

    https://www.nerdwallet.com/blog/loans/whats-a-good-interest-rate-on-a-personal-loan/https://www.nerdwallet.com/blog/loans/whats-a-good-interest-rate-on-a-personal-loan/

  • Bonus Dividend Awarded

  • Branch OfficeColumbia Plaza, 506 23rd Street NW, Washington, DC 20037

    Hours of OperationM, T, Th, Fri – 8:00am-3:00pmWednesday - 8:00am-1:30pm

    www.PAHOfcu.org

    Contact Information

    Mailing Address2112 F Street, NW, Suite 201, Washington, DC 20037

    Tel: (202)974-3453

    [email protected]

    mailto:[email protected]

    Debt Consolidation � �Presenter: Esteban Arze��Debt ConsolidationDebt ConsolidationNew Year’s resolutionDanger Signals of too Much Debt�Danger Signals of too Much Debt�Slide Number 7Problems with multiple debts�Benefits of consolidating�Slide Number 10Slide Number 11Slide Number 12Know What You Owe Free Credit ReportTalk to your Creditors Determinants of Debt Consolidation Loan Type of Debt Consolidation LoansExternal Options for Consolidation LoansSlide Number 19Balance Transfer Promotion Bonus Dividend Awarded Slide Number 22Contact Information


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