Debt: Just One Thing to Do

We’ve spend the last month talking all about debt, so it’s no surprise our one task for this month is about debt as well. Your one task is to look for opportunities to refinance any of your existing debt, particularly high interest debt. 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. Get a lower rate and it will cost less to pay off.

Rates have mostly been rising for a while now (and you don’t want to refinance to a higher rate), but recently there has been some relief so there could be a chance to refinance. And it’s a good idea to look once a year anyway, so you stay on top of what debt you have and what interest rates you’re paying on it.