Pay off your debt on Remembrance Day using these tips
With warmer temperatures just around the corner, now is a good time to tackle some spring cleaning projects. Aside from tidying up the back yard, opening the windows to ventilate the winter, and throwing away old items, it’s a great time to clean your finances in the spring. Take a few hours this Memorial Day weekend to review your past quarter’s spending and plan for the months ahead while you are out of debt.
Below are some debt repayment methods that you should consider in order to improve your financial situation.
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1. Refinance your mortgage
Interest rates are still low. At the time of writing, the average 30 year fixed rate mortgage is 2.750% and the average 15 year fixed rate mortgage is 2.125%. The interest rates are slightly lower than at the same time last year and still significantly lower than a few years ago. If you want to pay off your debt faster or save money on your monthly payment, refinancing might be a good option.
You can explore your mortgage refinancing options by visiting Credible to compare interest rates and lenders.
2. Refinance your student loan
When you have a personal loan, you may be paying more than you should. When the refinance rates are near record lows, you can benefit from a student loan refinance. If you are considering refinancing, use an online student loan refinance calculator to determine what your new monthly payments could be if you lower your interest rates.
3. Look for better insurance rates
How long have you been with the same auto or home insurance company? When was the last time you checked that you could get a lower rate? With a clean driving report and fair credit, you can save big bucks on your auto insurance by simply looking around at another company. You can also save a lot of money on your home insurance by comparing the rates of several companies.
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4. Consider a debt consolidation loan
Paying off debt is a great way to free up money for investments or other expenses. You can save money on your debt by opting for a debt consolidation loan. With a debt consolidation loan, you can combine all of your debt payments into one, usually lower, cost at a lower interest rate. You can even improve your credit score as you pay off debt. You can review your debt settlement options by visiting Credible to compare personal loan and lender rates.
5. Use a prepaid credit card to reduce debt
Another tactic to save money on debt payments is to use a credit card for bank transfer. Many companies offer 0% interest rates for up to 18 months. If you can pay off your credit card debt quickly, you can save a lot of money in interest. You should make sure that you have good credit and qualify for a no annual fee card to maximize the savings. See your different credit transfer card options by comparing companies on Credible.
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Remember to consider upcoming expenses and events
One of the best ways to get your finances in order is to create a budget. As summer approaches, make a list of upcoming events, holidays, birthdays, and vacations. Set a budget for the event and set aside money now to cover the cost without breaking your bank account. Other events to plan include school fees, tuition, clothing, taxes, and Christmas.
Make the most of your three-day weekend by setting financial goals for the next half of the year. Staying organized is key to saving money, building credit, and reducing debt.
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