Check for Refinancing Opportunities

Keeping up with everything you need to be doing can be overwhelming. So we’re simplifying at least one part of your life by giving you Just One Thing to do every month to keep you on the path to Financial Wellness.

April is all about Debt here at BrightDime so our one task for this month is to look for opportunities to refinance any debt you have. Refinancing is basically taking out a new loan and using the money you borrow to pay off an existing loan. The most common reason to refinance is to get a lower interest rate than your current loan. The higher the rate the more you’ll pay in interest over the life of the loan. Get a lower rate and you’ll pay less.

After a long period of historically low interest rates, they’ve mostly been rising for the last few years. But very recently there has been some relief so there could be a chance to refinance any debt you’ve taken out in the last few years and improve your situation.