Could you refinance? Just One Thing to Do

This month at BrightDime, we’ve been focusing on understanding and managing debt. Now, it’s time for action.

Your one key task this month is to explore opportunities to refinance your existing debt, especially any high-interest balances.

What is refinancing? Simply put, it’s taking out a new loan to pay off an existing one. The primary benefit? Often, it’s to secure a lower interest rate, which means you’ll pay less over the life of the loan.

While interest rates have generally been on the rise for the last 3 years, there has been some recent easing. This could present a window to refinance at a more favorable rate.

Even if rates haven’t shifted significantly for you, it’s a smart practice to review your debt and interest rates at least once a year. While refinancing isn’t always a good idea (it isn’t free, after all) it’s best to stay informed and identify savings opportunities; possibly refinancing high interest credit card debt with a lower interest personal loan or home equity loan, for example.

We’ve got more on how refinancing works and how you can make it work for you right here.