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Dan’s $30000 Debt Consolidation With The WNYFCU

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WNYFCU-Western-New-York-Federal-Credit-Union-LogoThis is a positive review (or customer experience) with the WNYFCU which stands for the Western New York Federal Credit Union.

Dan lives in West Seneca NY and works in the Southgate Plaza – to protect his privacy we won’t mention which store he works for, but we don’t need to bother with that for this review.

He had some credit card debt that he wanted to consolidate into one payment. His credit was fair averaging in the 660 range if you included all reporting agencies (Equifax, TransUnion, Experian).

Dan’s card balances were getting a little out of hand with a total just shy of $30000 dollars but he was on the ball enough to at least make his monthly minimum payments. However, the interest rates he was paying were pretty bad – as in high! He had one Citibank card that has a 22% interest rate which is brutal and he had another MasterCard with that was carrying a balance of $8000 with a rate of 24%.

He decided to turn to his local credit union for advice and a possible consolidation loan.


Dan’s Appointment With The WNYFCU

When Dan went to 1937 Union Road for his appointment he brought copies of all his paper work which included his Visa, MasterCard, and American Express statements. He explained to the girl who was helping him that he was hoping for the lowest interest rate possible IF he could get approved – which is of course what everyone wants right – and he was happy to find out his rate wouldn’t be as high as he thought.

When he was done talking to the WNYFCU customer service representative he felt much better about his situation and his hopes to get a fresh start.

Because Dan has been working for the same employer for over 7 years (at the time of this writing) and he hadn’t defaulted on any of his credit cards his credit score was still fair and he was approved for the consolidation loan for $30000 dollars.

Dan’s Own Words On His WYNYCU Experience

Loan-OfficerI’ve been a member of this credit union for 5 years now and I’ve always been treated well there. Their staff is very efficient and friendly so I can get my banking needs taken care of quickly and painlessly.

Never had a problem in the entire time I’ve been a member.

With this consolidation loan for $30000 I was a little bit sceptical on whether or not they would approve me because that is a lot of credit card debt to rack up when you have a low wage like mine – but thankfully they approved it and I now have that fresh second chance I was looking for.

My interest rate was lower than expected and in most cases half the rate I was paying on my Visa, MasterCard, and Amex balances.

But most of all, I would recommend the Western New York Credit Union because of their friendly staff and quick service. I’ll stay a member as long I still live in this neck of the woods.


The Math On A $30000 Debt Consolidation

So here is the breakdown of a typical $30000 personal loan for the purposes of Dan’s consolidation. We won’t publish the actual interest rate he got with WNYCU for privacy purposes but we’ll use a rate that’s close. We will calculate 2 different term lengths – 1.) for 3 years [36 months] 2.) for 5 years [60 months].

$30000 Debt Consolidation Over 3 Years

In this image here we show a 3 year loan for $30000 with an interest rate of 12% per year and this results in a monthly payment of $265.71. Not a bad deal at 12% considering Dan was paying over 20% on his credit cards before the consolidation.


$30000 Debt Consolidation Over 5 Years

Here we have the same idea except for 5 years and the monthly payment comes to $177.96. Easy to service this debt AS LONG AS you have your spending back under control and a budget being followed.

Math-Calculation-$30000-Debt-Consolidation-NY-5-years Author’s Note

Well it sounds like Dan did well in choosing his neighborhood credit union in West Seneca and we always recommend you try with a credit union first – and we do so because we believe credit unions provide a much more personalized service.

Not to mention you are supporting your own community.

It used to be that credit unions lacked in their services and some of them didn’t have the same global access to cash sources as the big banks do but that has changed dramatically.

Credit unions can provide client cards and credit cards with access to almost any cash source or machine on the globe.

In this case Dan was fortunate that he has long ties to the community and he had been a member of WNYFCU for almost a decade. Not to mention he looked after his credit score reasonably well before every applying for a consolidation loan.

The most important factor going forward is that Dan stick to just one credit card (2 at the max) and with those cards he must learn restraint and never use them unless you can pay them off in full within 3 months – preferable you should pay off all your credit cards at the end of each month.

Too often we see visitors to who consolidate their credit cards and then turnaround and max out their credit cards again – now they’re worse off twice as bad. Then they may have already slipped down the slippery slope on their way to a debt settlement and/or personal bankruptcy.

So please don’t end up having so much bad debt you find yourself drowning in debt stress. It’s a horrible feeling and your day to day life becomes dreary as you feel the burden of the debt on your shoulders from the time you wake up to the time you go to bed at night. It’s so important to guard your credit score like a eunuch guarding a harem.

WNYFCU Location/Information

Address: 1937 Union Road West Seneca, NY 14224-2022

Phone: 716-771-5000  Fax: 716-675-9644  e-Mail:

Hours of Operation

Mon/Tues/Wed/Thur: 8:30 a.m. to 5:00 p.m

Fri: 8:30 a.m. to 6:00 p.m

Sat/Sun: Closed

Drive-up ATM: Always open

One Comment

  1. Dan Dan

    Hi Kelly. Just wanted you to know I read this and yes I approve it for publication. Thanks for protecting my privacy.

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