13 Sep

Using a Home Equity Line of Credit to Pay Off Debt

Attention: Please read this article until the end. 

Pay off debts with HELOC Rocky Mountain Law Enforcement Federal Credit UnionA Home Equity Line of Credit, or HELOC as we will refer to it, is an amount of credit that we extend to a homeowner based on their credit history and the value of their home. A HELOC differs from a mortgage in that you will only pay interest on the money you draw from your line of credit. For example, if you accept a HELOC of $10,000 and never draw from it, you will not have to pay any interest. If you choose to take $5,000 from your HELOC, that you will pay back $5,000 with interest.

Wait, wait, wait. I know what you you’re thinking. Whoever, is writing this article must be taking advantage of the recent legalization of a certain green substance in Colorado. How can you pay off debt, by taking on more debt? Great catch.

The advantages of getting a HELOC is that by using your home as collateral, you will receive a considerably lower interest rate than with the credit card where your debt is now. At the time of this writing we are offering a HELOC with amazingly low rates based on the prime rate plus 0 points (based on current Loan to Value (LTV) and your credit history.) At 3.25% (as of 9/12/14) that is insanely low! What is the interest rate on your credit card? 20%? 25%? 30%? More?! Even our Visa Platinum Select without rewards credit card is 6.75% which is still double the rate of a HELOC.

By using a HELOC to pay off debts with higher interest rates, you can save a lot of money in interest, and pay off your debts faster. To make things even more convenient, we offer the HELOC on a Visa card so you have access to it on the go. No waiting for a check and no waiting for approval.

IMPORTANT! DO NOT STOP READING.

The dangers of using a HELOC to pay off debts.

A Home Equity Line of Credit is an extremely powerful privilege. And like any powerful privilege such as yielding the Excalibur,captaining the Starship Enterprise, or having the power to read minds, a HELOC requires great self-control and responsibility. Read More

02 Jul

Transfer Your Credit Card Balance and Get Out of Debt

Credit Card debt is like chasing your tail. Credit card debt can really feel like you are chasing your tail. Interest builds and builds making it hard to keep up with payments. There are a hundred reasons why someone has managed to accumulate a large balance on a credit card. Whatever the reasons are behind the issue matter less than our plan to help fix your situation. Rocky Mountain Law Enforcement Federal Credit Union wants to help our members by offering a credit card balance transfer** with 0% APR for 6 months and then a low 12.25% APR* after that! There are no fees, zero fraud liability, and credit limits up to $20,000. Our RMLEFCU Visa Platinum Card offers great rewards for merchandise, travel, and even cash back.***

Use this opportunity to get out of debt and/or save some money. Here is some information on balance transfers to help you understand and prepare for transferring your credit card balance to a RMLEFCU Visa.

What is a balance transfer? A balance transfer is when you use a credit card to pay off the balance of another credit card. This moves the debt from one credit card to another. Read More