Should we consolidate our debt with interest rates rising? 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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FP Answers: Should we consolidate our debt with interest rates rising?If you\u0027re dealing with major credit\u002Dcard debt, you may be wondering if consolidation makes sense. Here are some tips to help bring down debt.
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FP Answers: Should we consolidate our debt with interest rates rising?If you\u0027re dealing with major credit\u002Dcard debt, you may be wondering if consolidation makes sense. Here are some tips to help bring down debt.
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