Should we consolidate our debt with interest rates rising? — via financialpost FPAnswers debt interestrates
. Most credit cards have extremely high interest rates — often more than 20 per cent — and it’s worthwhile to look at alternatives to reduce that interest. I have a few tips to help you bring down that debt.
You should also contact your credit-card holders either by phone or email and ask them for a lower interest rate. It may involve switching to a low-fee card, but that will reduce the high interest costs. Now is not the time to be concerned about your airline points or cash-back rewards. Get a plain, no-perks card with a lower interest rate. More will be applied against the principal amount when you make your payment, and this will in turn reduce your debt quicker.
Consolidating your debts is often a good option to consider in order to have a lower interest rate and a fixed repayment schedule. Debt consolidation rolls several of your debts, typically high-interest debt such as credit-card bills, into a single payment. You can consolidate your debt by transferring it to a lower-rate card, or to a fixed loan from a bank, or to a line of credit. Of course, qualifying for some of these options will depend on your credit score and income level.
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