Pay Down Holiday Debt

This article first appeared in the Mountain America Credit Union Newsletter—Winter 2019 issue.

Holiday shopping can be a lot of fun—buying decorations, supplies and gifts for family and friends. It can also be expensive, especially if you make your purchases on credit.

The average credit card has a 17.14% interest rate, and many department store cards carry even higher rates.¹ With this rate, a total balance of $3,000 and a minimum payment of 2.5%, it would take the cardholder 17 years to pay the balance. They would also rack up over $3,495 in interest charges!

Should you find yourself in a similar situation, don’t fret. Pay down the debt faster by consolidating department store and other high-rate credit cards onto one low-rate card.

The Mountain America Visa® Low Rate credit card is an excellent option. With a low variable APR, the interest rate is nearly half that of the average card.² Plus, since there are no fees for balance transfers, it’s easy to move debt over to a Mountain America credit card and save money on monthly payments.

We are here to serve you. If you already have a Mountain America credit card, simply transfer a balance using the mobile banking app or by speaking with a branch representative. To apply for a credit card or learn more, visit macu.com/visa-credit-cards.

1. As of November 2018, according to creditcards.com.
2. On approved credit. Annual Percentage Rate (APR) accurate as of December 2018. Variable rates start as low as 9.99% APR, based on creditworthiness. Maximum interest rate over the life of loan is 18% APR. 1% foreign transaction fees. Membership required—based on eligibility