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Refinancing High Interest Debt
Outrageously high credit card interest rates
hover around 20%. If you have any and intend
to keep them for more than a few days, you
need to investigate how to refinance them
into much lower cost, longer term debt.
In some cases, you can get short-term,
low
interest rate loans from credit
cards. These
0-5% "cash advance"
loans are usually
only good for a few months before
they revert
to punishingly high credit card
rates.
A better alternative, if you are a homeowner,
is to investigate a home equity loan. These
loans, backed by the value of your home,
can have interest rates that are half or
less of what you are paying now.
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