Last week I discused the first two parts to getting out of debt FAST!
Tips to Get Out of Debt FAST: part 1
Tips to Get Out of Debt FAST: part 2
Now it is time to move on to part 3:
Get the Lowest Interest Rates Possible on Your Debt
While you are working to improve your credit, it’s important to be on the lookout for ways to reduce the interest rate on your debt. Whether the debt is a home loan, car loan, credit card or some other debt, getting the lowest possible interest rate will help speed up the time it takes to eliminate your debt. Here are some tips and tools to help you lower your rates:
- Refinance Your Mortgage: The general rule is that you should refinance if you can lower your interest rate by 1%. While that’s a good starting point, it is important to also consider how long you plan to stay in the home and whether you need to convert from an adjustable rate mortgage to a safer fixed rate loan. Interest rates are still at historic lows, and it is easy to compare mortgage rates online.
- Negotiate Lower Interest on Home Equity Lines of Credit: If you have a home equity line of credit, compare your interest rate with current market rates. If you think you can do better, step one is to call the mortgage company and request a lower rate. While there are no guarantees, it can’t hurt to try.
- Lower the Interest on Credit Cards: Debt Consolidation Programs allows you to consolidate all of your unsecured debt into ONE LOW MONTHLY PAYMENT and offer the following benefits:
- PAY LESS: Better repayment terms are offered by most creditors. Most will lower interest rates, wave late and over the limit fees AND bring your accounts back to current without making up those missed payments. This can save you thousands over the life of the debt!
- PAY OFF YOUR DEBT FASTER: You’ll be able to pay off your debt in three to five years rather than the average 25 years it could take without our program.
- REDUCE YOUR STRESS: Our customer’s are relieved when the collection calls disappear.
- ONE EASY LOW MONTLY PAYMENT: Your credit cards and other unsecured debts are consolidated into one monthly payment so you don’t have to juggle payments.
Although getting to know your debt and creating a plan are two very important steps in gettin out of debt FAST, this third step is the most important one. Getting your interest rates lowered will make the money you are paying towards your debt go further, and you simply can't beat that!
Would you like to know how we can help you Get Out of Debt FAST? Click the link below for a FREE Debt Elimination Summary or simply give us a call:
