Could You Could Save Money By Refinancing?

Overwhelmed? Let’s simplify your finances. This month, BrightDime’s focus is debt, and your task is simple: explore refinancing.

Refinancing means replacing your current loan with a new one, ideally at a lower interest rate. Lower rates = less interest paid = getting out of debt faster and cheaper.

Interest rates have mostly risen for the last 3 years, but have levelled off and started dropping again over the most recent 9 months. That’s a potential opportunity to save if you’ve taken out loans in the past few years. Even if rates haven’t gone down you can save a lot of money by refinancing high interest debt (like credit cards) with a lower interest personal loan or home equity loan. It’s not always the right move, refinancing isn’t free. If you’re unsure about your next move, a BrightDime coach can help.