Pay off Memorial Day Debts with These Tips

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Are your finances ready for the next half year? (iStock)

With warmer temperatures just around the corner, now is a great time to do some spring cleaning. Aside from cleaning your backyard, opening windows for ventilation in winter, and getting rid of old things, this is a great time to get your finances in order in the spring. This Memorial Day weekend, devote a few hours to reviewing your last quarter’s spending and planning months ahead until you get out of debt.

Here are a few ways to pay off your debt that you should consider in order to improve your financial situation.

4 MONEY STRATEGIES TO HELP IMPROVE YOUR FINANCE

1. Refinance your mortgage.
Interest rates are still low. When publishing, the average 30-year fixed rate mortgage is 2.750%, and the average 15-year fixed rate mortgage is 2.125%. Interest rates are slightly lower than in the same period last year, and yet significantly lower than a few years ago. If you want to pay off your debt faster or save on your monthly payment, refinancing can be a good option.

You can explore mortgage refinancing options by visiting Reliably compare rates and lenders

2. Refinance your student loans.
If you have a private loan, you may be paying more than you should. As the refinancing rates are close to record lows, you can benefit from refinancing your student loan. If you are considering refinancing use online student loan refinancing calculator to determine what your new monthly payments might be when interest rates decline.

3. Look for more favorable insurance rates.
How long have you been with the same car or home insurance company? When was the last time you checked if you can get a lower rate? With a clean driving experience and a good credit rating, you can save a significant amount of money on your car insurance just by looking at another company. You can also save a lot of money on your home insurance when you are comparing rates from several companies.

5 TIPS FOR DEBT MANAGEMENT IN A CORONAVIRUS PANDEMIC

4. Consider getting 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 choosing a debt consolidation loan. A debt consolidation loan allows you to combine all debt payments into one, usually a lower cost at a lower interest rate. You can even end up improving your credit score while you pay off the debt. You can check your debt repayment options by visiting Credible to compare rates on loans to individuals and lenders

5. Use a credit card to transfer the balance of funds to reduce debt.
Another tactic to save money on paying off debt is by using a credit card with a balance 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. Make sure you have a good credit rating and are eligible for the card with no annual fee to maximize your savings. Check out the different card options for transferring your balance to comparing companies on Credible

DEBT CONSOLIDATION VS. DEBT MANAGEMENT: WHAT IS THE DIFFERENCE?

Don’t forget to consider upcoming expenses and events
One of the best ways to improve your finances is create a budget… As summer approaches, make a list of upcoming events, holidays, birthdays, and vacations. Set a budget for your event and start saving money now to cover costs without damaging your bank account. Other activities to plan include tuition 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. Keeping organized is the key to saving money, getting a loan, and getting out of debt.

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Have a financial question but don’t know who to contact? Email the Safe Money Expert at moneyexpert@credible.com and your question can be answered by Credible in our Money Expert column.

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