Pay Down Debt – Wilmington NC

A growing family, health problems or job loss – whatever the reason, many people find themselves in financial trouble at one point or another and such difficulty can often lead to mounting debt.

If you live in the Wilmington, NC area and are seeking a way to pay down debt, there are a few different ways this can be done.

Ways To Pay Down Debt

There are a number of different methods to pay down debt and they can vary from case to case.

1. Loan: If you have debt owed to multiple outlets, a bank may pay off that debt for you in the form of a loan. Consolidating your debt into one lump sum can make it more manageable to make regular payments as opposed to juggling multiple payments at once. Instead of paying off each individual loan simultaneously, just pay off your loan to the bank with one monthly allotment. This method may also result in relieving your debt with a lower interest rate or even receiving a tax reduction on interest paid.
2. Home Equity : Take out a loan against the equity you’ve earned in your home to get a fixed interest rate that may be up to 100% tax deductible.
3. Refinancing: If you have taken out a home equity line of credit (HELOC) on your home, you may be able to combine it with your mortgage to refinance your home, consolidate your debt and provide an easier means of making payments. Use our refinancing calculator to find the right numbers for you.
4. Credit Card: Using a credit card is a great way to consolidate your debt. And, if you can pay it off under a lower interest rate you can improve your credit score at the same time. With First Bank’s Platinum credit card you can turn your debt into one easy monthly payment that may be under a lower interest rate than that of the debt collector.

If you find yourself needing to pay down debt, consider the above options and visit one of First Bank’s five Wilmington, NC branches.