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Collins Community Credit Union

Beware of Unidentified Calls or Attempts to Gain Access to Your Online Banking Account

If you receive an unidentified call or voicemail about your online banking account, and you believe it to be suspicious or fraudulent, please hang up immediately and contact us at 800-475-1150. We are available to assist you.

Important Tips: Never provide your credit or debit card information, or online banking credentials to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150We will never contact you to ask for your personal information or login credentials. A message from Collins Community Credit Union will always include identification.

Is Debt Consolidation Right For You?

Beware of Unidentified Calls or Attempts to Gain Access to Your Online Banking Account

If you receive an unidentified call or voicemail about your online banking account, and you believe it to be suspicious or fraudulent, please hang up immediately and contact us at 800-475-1150. We are available to assist you.

Important Tips: Never provide your credit or debit card information, or online banking credentials to someone who calls you unsolicited. Be suspicious of any caller who asks for your personal information, such as your Social Security number or bank account number. If you are unsure about the legitimacy of a call, hang up and call us directly at 800-475-1150We will never contact you to ask for your personal information or login credentials. A message from Collins Community Credit Union will always include identification.

Debt consolidation is a way to restructure and simplify your debt into fewer monthly payments. It combines multiple loans into one payment to one lender, ideally with a lower interest rate. You can consolidate many different types of loans, including credit cards, medical debt, personal loans, and payday loans into one loan.

Published on Mar 15, 2021

When done right, it can save you some money in interest and help you pay off your debt faster. It is important to note that if you are doing it to lower your monthly payments, you could pay for a longer time and pay more in interest. If you are considering consolidating your debt, make sure you set an end goal and put a plan in place to work for you.

There are a few different ways you can go about consolidating your debt. Make sure you look at each option's pros and cons and choose the one that will help you reach your financial goals.

Zero interest, balance transfer credit card
For this option, you need to have a good credit score to qualify. Most of these are introductory offers, and the interest rate will jump up after a set amount of time, such as 12 or 24 months. If you can pay off all, or a significant portion, of the loan in that amount of time, you can save a lot of money, but it can be an expensive option if you can't. Make sure you read the fine print and know the terms of the credit card, and then have a plan on how to pay it off.

Fixed-rate debt consolidation loan
A fixed-rate debt consolidation loan will allow you to pay off all your other debt. This type of loan doesn't require as good of a credit score as the credit card option, but a lower score will impact your interest rate. It only makes sense if the new loan has a lower interest rate than your existing loans.

Home equity loan or 401(K) loan
Home equity is the market value of your property minus any remaining mortgage payments that you have. It is one of the biggest sources of net worth for most property owners. This type of loan allows you to use your home's equity as collateral and allows you to borrow against it. For information on our current home equity promotion, click here.

Debt consolidation may negatively impact your credit score in the short-term, but sticking to a plan without missing payments can help it recover in the long-term.

Debt consolidation is best for people with high-interest debt who are able and ready to focus on paying off their debt. It isn't a magic formula that is going to make all of your debt disappear. Instead, it is a strategy to help you pay off your debt in a structured way. However, without a commitment to changing spending habits, it won't be worth your time and could cost you more in the long run.

What's New

  • Scholarship Program

    18 March 2024
    Dream Big, Achieve More: The Collins Community Credit Union Scholarship Program! We're investing in Iowa's brightest minds by offering 2 scholarships worth $1,000 each, to deserving full-time and part-time students who demonstrate academic excellence, financial responsibility and a passion for making a difference. Learn More
  • ATM to ITM Upgrades Coming

    15 March 2024
    Upgrade your banking experience with our ATM to ITM conversion! Learn More
  • Empowering Success - A conversation on Achieve@Collins

    04 March 2024
    Embark on a journey of financial empowerment with Collins Community Credit Union’s Achieve@Collins Program (originally launched in 2022). The program, led by our Retail Team, is a financial toolkit that includes our Simple Checking account, Credit Builder loan, and Financial Wellness resources. In February 2024, our branch sales manager, Michael, presented the program at Simpson College for their Upward Bound student program. Read on for his insights on Achieve@Collins’ impact in the... Learn More
  • Introducing our New Security Feature: Voice Biometrics

    31 October 2023
    We're excited to announce an important security feature coming to our Member Contact Center, beginning Tuesday, November 14, 2023. Read more about how this new feature adds an extra layer of security to protect your information.  Learn More
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