HOUSTON–PrimeWay Federal Credit Union has introduced a new debt consolidation program to help members.
“Many people struggle with multiple debts and numerous bills each month,” PrimeWay said in announcing the new offering. “A study shows that most Americans have five or more credit cards and loans, making it challenging to keep up with payments and reduce overall debt. PrimeWay’s new Debt Consolidation program allows members to consolidate various debts – including credit card debt, store card debt, and other loans – into one loan.”
The Pricing
The loan carries a 8.99% APR for the first six months. After that, rates can be as low as 10.50% for up to two years, depending on credit score, Primeway said.
“We saw that our members were drowning in debt and spending too much money on high interest,” PFCU’s Michelle Oshinski said in a statement. “Our new debt consolidation program helps fix this problem. It gives members one simple payment and could help them save money on interest and get out of debt much faster.”
Member Benefits
According to Primeway, members who participate in the debt consolidation program receive benefits that include:
- Managing finances becomes easier with just one debt payment.
- Members no longer need to track multiple payment due dates across various debts.
- Members pay less interest than they would on high-rate credit card debt.
- Members will have a clear timeline for when their debt will be completely paid off, “helping them achieve improved financial stability.”
