Consolidating credit card debt into line of credit
Are you overwhelmed by the process of keeping up with car loan, credit card and other payments?It makes sense to consolidate your bills with PSECU.If the loan balances on your high-interest debts are within your reach to pay, this can be a good strategy.However, the debt with the highest interest rate may also be the largest loan or debt you have, meaning it will take longer to pay it off and make a dent in your overall debt load.Pay smaller loans first Eliminating several smaller loans and debts first may be a better solution.You'll reduce your overall debt load, and get the satisfaction of having some initial success.
They both turn your bank card (debit card) into a credit card so you can spend money you don't have up to a predetermined limit.
Just like a credit card, you only have to make a minimum payment each month.
An overdraft is usually the expensive form of a line of credit.
You can check with your bank or credit union to see what their criteria is.
Usually they want you to have a good credit score, good income and hopefully a good, positive net worth (but this isn't always necessary).