Key Takeaways
Strategies to lower your interest owed:
- Stop using your credit cards. In order to get you out of debt, you will need to stop going into further debt. Once you are on step 4, of your 4 step plan, your credit will be greater and you can apply for credit cards with higher rewards, not to mention you will have the stability to pay them off each month.
- Refinance your auto loan.
- Refinance your mortgage.
- Ask for bank fee refunds. You shouldn't pay for bank fees. Many times you can get them reversed and it doesn't hurt to ask.
- Apply for balance transfer credit cards. Many balance transfer cards have 0% APR for up to 18 months! Transfer your credit card balances to push out the interest owed.
Terms
Creditor: a person or company that you owe money to.
Interest Rate: the amount of a loan that is charged as interest to you (the borrower). This number is typically expressed as an annual percentage.
Variable Interest Rate: is an interest rate on a loan or security that fluctuates over time, based on a change in the market interest rate. This means your payments may vary as well.
Instructions
Reduce the interest you owe on your debt by reviewing and implementing as many strategies as possible from the list above. Then, click "Next" to proceed.