credit score – Flight 93 http://flight93.org/ Mon, 07 Mar 2022 14:05:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://flight93.org/wp-content/uploads/2021/07/icon-5-150x150.png credit score – Flight 93 http://flight93.org/ 32 32 Today’s mortgage rates are lower | March 7, 2022 https://flight93.org/todays-mortgage-rates-are-lower-march-7-2022/ Mon, 07 Mar 2022 13:27:26 +0000 https://flight93.org/todays-mortgage-rates-are-lower-march-7-2022/ Average mortgage rates are lower today for all loan categories. Homebuyers looking for a 30-year fixed rate mortgage will find average rates of 4.387%, down 0.144 percentage points from the end of last week. Refinancers can also take advantage of lower rates. Expect to see an average rate of 4.467% for a 30-year refi. The […]]]>

Average mortgage rates are lower today for all loan categories.

Homebuyers looking for a 30-year fixed rate mortgage will find average rates of 4.387%, down 0.144 percentage points from the end of last week. Refinancers can also take advantage of lower rates. Expect to see an average rate of 4.467% for a 30-year refi.

  • The last rate on a 30-year fixed rate mortgage is 4.387%. ⇓
  • The last rate on a 15-year fixed rate mortgage is 3.362%. ⇓
  • The last rate on a 5/1 ARM is 3.105%. ⇓
  • The latest rate on a 7/1 ARM is 3.378%. ⇓
  • The latest rate on a 10/1 ARM is 3.458%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.387%.
  • It’s a day offold by 0.144 percentage points.
  • It’s a month to augment by 0.171 percentage points.

Predictable and relatively low interest rates make the 30-year fixed rate mortgage the most popular home loan in America. The long repayment period makes monthly payments on a 30-year loan more affordable than on a shorter-term loan. On the other hand, the overall cost will be higher because you will be paying a higher interest rate for longer.

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Average mortgage rates

Data based on US mortgages closed March 4, 2022

Type of loan March 4 Last week Change
15-year fixed conventional 3.36% 3.53% 0.17%
30-year fixed conventional 4.39% 4.49% 0.1%
ARM rate 7/1 3.38% 3.52% 0.14%
ARM rate 10/1 3.46% 3.64% 0.18%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The rate over 15 years is 3.362%.
  • It’s a day offold by 0.132 percentage points.
  • It’s a month infold by 0.136 percentage points.

The 15-year fixed rate loan will have a lower interest rate than a 30-year loan, which means you will have lower total costs over time. However, since you have to pay off the loan faster, the monthly payments will be higher and may not suit all budgets.

Use a mortgage calculator to determine which option is best for you.

The latest rates of adjustable rate mortgages

  • The last rate on a 5/1 ARM is 3.105%. ⇓
  • The latest rate on a 7/1 ARM is 3.378%. ⇓
  • The latest rate on a 10/1 ARM is 3.458%. ⇓

Variable rate mortgages will start with an initial fixed interest rate before the rate begins to adjust at set intervals. The rate on a 5/1 ARM, for example, is fixed for five years and then adjusts once a year. Although the initial rate tends to be quite low, it could increase significantly after the fixed period ends.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 4.099%. ⇓
  • The rate for a 30-year VA mortgage is 4.517%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.853%. ⇓

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.467%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.433%. ⇓
  • The rollover rate on a 5/1 ARM is 3.154%. ⇓
  • The refinance rate on a 7/1 ARM is 3.426%. ⇓
  • The refinance rate on a 10/1 ARM is 3.514%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed March 4, 2022

Type of loan March 4 Last week Change
15-year fixed conventional 3.43% 3.62% 0.19%
30-year fixed conventional 4.47% 4.57% 0.1%
ARM rate 7/1 3.43% 3.59% 0.16%
ARM rate 10/1 3.51% 3.72% 0.21%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve has also started to scale back its purchases of mortgage-backed securities and said it plans to raise the federal funds rate three times in 2022 to combat rising inflation from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also, take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Friday, March 4, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan right now. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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Mortgage rate offers for the week ending March 5, 2022: best offers from lenders https://flight93.org/mortgage-rate-offers-for-the-week-ending-march-5-2022-best-offers-from-lenders/ Sat, 05 Mar 2022 05:05:24 +0000 https://flight93.org/mortgage-rate-offers-for-the-week-ending-march-5-2022-best-offers-from-lenders/ The average rate of mortgage deals Bankrate readers clicked on on Thursday was 3.34%, a figure that shows consumers can still find deals even as mortgage rates have risen from all-time lows. If you want to get a mortgage or refinance, shopping around is more important than ever. Bankrate’s click rate reflects purchase mortgages and […]]]>

The average rate of mortgage deals Bankrate readers clicked on on Thursday was 3.34%, a figure that shows consumers can still find deals even as mortgage rates have risen from all-time lows. If you want to get a mortgage or refinance, shopping around is more important than ever.

Bankrate’s click rate reflects purchase mortgages and refinances with all terms, including 30 and 15 year loans.

The most interesting offers come with a few fine print. For example, to get the best combination of rates and costs, you’ll typically need a credit score of 740 or higher and a down payment of 20% or higher. And many of the lowest rates posted on Bankrate.com include discount points, a way to lower the rate by paying more at closing.

Mortgage rates are constantly changing and have risen sharply from all-time lows of last year. These highs and lows reflect volatility in the mortgage market as the economy continues to recover from the sudden shock of the COVID-19 recession, as inflation rages and Russia’s invasion of Ukraine adds to the geopolitical uncertainty.

Rates have returned to pre-pandemic levels. While it may still make sense to refinance your mortgage, the math has changed. Most refits are now done by homeowners who withdraw equity to pay for renovations or repairs.

Take away key

Make sure you get at least three offers – you can save thousands of dollars comparing your purchases.

Compare mortgage rates in your area now.

Average click-through rate for purchase loans

The average rate clicked by Bankrate readers for 30-year purchase mortgages was 3.7%. At this average rate, you’ll pay $460.28 a month in principal and interest for every $100,000 you borrow.

Average click through rate for refinance loans

The typical rate Bankrate readers clicked on for 30-year refinances stood at 3.48% on Thursday.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of extra payments. The tool will also help you determine how much interest you will pay over the life of the loan.

Compare refinance rates in your area now.

Learn more:

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Is it good for you ? https://flight93.org/is-it-good-for-you/ Wed, 02 Mar 2022 23:00:35 +0000 https://flight93.org/is-it-good-for-you/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Personal loans have become a popular option for covering a variety of major expenses, such as […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. In some cases, it may actually be more affordable to use a personal loan than to use a credit card, as personal loans generally carry lower interest rates.

It’s even better when a personal loan, like American Express® Personal Loans, do not charge application fees or set-up fees. American Express is also one of the few big names in banking to offer personal loan products to everyday customers.

Of course, however, you should always do your research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help you out, Select has looked at Amex’s APR, benefits, fees, loan amounts and terms. (Learn more about our methodology below.) Read on to find out if American Express is the right lender for you.

American Express Personal Loan Review

American Express® Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, moving expenses, wedding or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Benefits

  • No setup fees, no prepayment fees
  • Same day decision in seconds (in most cases)
  • Ability to pay creditors directly
  • Funds can be disbursed by direct deposit

The inconvenients

  • $39 late fee
  • No automatic payment discount
  • No co-signers or joint applications
  • Only American Express cardholders can apply
  • The payment due date cannot be changed
  • Funds cannot be used to pay American Express credit cards

APR

APRs range from 6.91% to 19.97% for American Express Personal Loans. Unlike most other personal lenders, American Express does not offer interest rate discounts for making payments using autopay (typically a 0.25% discount is applied for signing up so that your payments are automatically applied to your balance).

The APR range for these personal loans is a bit higher than some other lenders, but Amex personal loans carry fixed interest rates that won’t fluctuate for the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. American Express does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

Costs

Amount of the loan

Mandate’s duration

Applicants can choose from terms ranging from 12 to 36 months.

At the end of the line

American Express® Personal Loans are a great, simple option for those who are already American Express Card members and familiar with the company’s products.

Some lenders charge a penalty for prepaying your personal loan because it means they would miss these interest charges, but American Express allows you to avoid these charges.

If you’re looking for slightly lower interest rates and the chance to get an Autopay rebate, check out LightStream Personal Loanswhich offers this 0.25% APR deduction for the automatic payment of your bill each month.

And if you need a personal loan under $3,500, there are other options like PenFed Personal Loanswhich start at just $600.

Our methodology

To determine which personal loans are the best, Select has analyzed dozens of U.S. personal loans offered by online and physical banks, including major credit unions, that have no origination or enrollment fees, fixed-rate APRs, and loan amounts and terms. flexible to meet a range of funding needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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What is PayPal Pay in 4? https://flight93.org/what-is-paypal-pay-in-4/ Tue, 01 Mar 2022 08:30:30 +0000 https://flight93.org/what-is-paypal-pay-in-4/ If you want an item now, but don’t want to pay the full amount upfront, then PayPal’s Pay in 4 could be an interesting solution. As the name suggests, it allows PayPal users to spread out payments for any goods or services purchased online. You simply apply for short-term credit when you leave, then repay […]]]>

If you want an item now, but don’t want to pay the full amount upfront, then PayPal’s Pay in 4 could be an interesting solution.

As the name suggests, it allows PayPal users to spread out payments for any goods or services purchased online. You simply apply for short-term credit when you leave, then repay the cost in four installments.

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Mortgage Refinance Rates Today, February 18, 2022 | Rates tick higher https://flight93.org/mortgage-refinance-rates-today-february-18-2022-rates-tick-higher/ Fri, 18 Feb 2022 12:15:01 +0000 https://flight93.org/mortgage-refinance-rates-today-february-18-2022-rates-tick-higher/ Editorial independence We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money. Today, several benchmark mortgage refinance rates went up. Both the 15-year fixed […]]]>

We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money.

Today, several benchmark mortgage refinance rates went up.

Both the 15-year fixed and the 30-year fixed saw their average rates tend to rise. The average 10-year fixed-rate refinance mortgage rate also rose.

The average mortgage refinance rates are as follows:

Compare refinance rates for a wide range of different loans here.

2022 refinancing rate forecast

Refinance and mortgage rates could be subject to significant volatility this year. Nonetheless, interest rates are expected to continue to rise steadily throughout 2022. Several factors have contributed to this expected rise in interest rates, including higher inflation and a strong economy. This is offset by the uncertainty surrounding the COVID-19 Omicron variant and the possibility of other COVID-19 variants impacting the economy. So even though most experts predict that higher rates will be the trend going forward, we probably won’t see consistent day-to-day or week-to-week gains.

How the Refinance Rate Forecast Affects You

There has been a significant increase in refinance rates, but overall borrowers can still access rates close to historic lows. Now is a good time to refinance if you haven’t done so in the past two years. Homeowners could save thousands of dollars with a rate and term refinance if they can get a new rate 0.75% to 1% lower than their current rate, as a rule.

As home prices have skyrocketed, the ability to turn your home’s equity into cash with a home equity line of credit (HELOC) has grown in popularity. In some situations, a HELOC can make sense, especially when consolidating debt or renovating your home.

Homeowners who are hesitant to refinance will want to consider whether or not it’s right for them. Finding the best refinance deal becomes increasingly important as rates rise.

What you need to know about refinancing fees

As part of the refinancing process, you may have to pay upfront fees called closing costs. Closing costs range from 3% to 6% of your loan amount, so they can add up quickly. Your monthly payment may drop with a refinance, but be sure to keep the loan long enough for the ongoing savings to outweigh the out-of-pocket costs.

30-year refi rate

Currently, the average 30-year fixed refinance has an interest rate of 4.20%, an increase of 18 basis points from the previous week.

You can use our mortgage calculator to get an idea of ​​what your monthly payments will be and to understand how much you could save if you made additional payments. Our Mortgage Calculator will also tell you how much interest you will be charged over the life of the loan.

Fixed refinancing rates over 15 years

Currently, the average rate on a 15-year fixed refinance loan is 3.45%, an increase of 11 basis points from the previous week.

The monthly payments on a 15-year refinance loan will be larger than those on a 30-year refinance at the same rate. However, a shorter loan term can help you build equity in your home much faster.

10-year fixed refinancing rates

The average 10-year fixed refinancing rate is 3.42%, an increase of 17 basis points compared to the rate observed the previous week.

Monthly payments with a 10-year refinance term would cost a lot more per month than you would with a 15-year term, but you’ll pay less interest in the long run.

How we determine refinance rates

Our rollover rate trends are based on daily rate data from Bankrate, which is owned by the same parent company as NextAdvisor. These average daily refi rates are based on a consumer profile meeting these criteria:

  • At least 20% equity
  • Principal residence
  • Credit score 740 or higher
  • Single family Home

The information provided to Bankrate by lenders across the country is displayed in the table below:

Rates as of February 18, 2022.

Take a look at mortgage refinance rates for a number of different loans.

Pro tip

Enter your mortgage payment and other loan information into our mortgage refinance calculator to better understand if refinancing is right for you.

Frequently asked questions (FAQ) about the refinance rate:

Does refinancing still make sense?

While refinance rates are higher than recent record lows, they are still exceptionally low. A lower rate can lower your mortgage payment, so if you haven’t refinanced in the past few years, today’s low interest rates may be a good time to do so.

However, your interest rate isn’t the only factor to consider when determining if the time is right for you to refinance. In addition to the number of years remaining on your existing mortgage, the new repayment term will impact your decision. Those who have paid off their current mortgage for 10 years may want to refinance a 20-year loan so as not to add more years to the end of the loan. Keep in mind that your monthly payment will be higher with a short-term refinance than with a longer-term loan.

Before jumping on an exceptionally low refinance rate, make sure the overall deal makes sense to you.

How to qualify for the lowest refi rate

Your financial situation has a significant effect on the rate of refinancing that you will be able to obtain. Having more equity in your home and a higher credit score usually translates to a lower interest rate.

But your personal financial situation isn’t the only consideration that affects your refinance interest rate. The equity you have in the home also comes into play. Having at least 20% equity in your property is ideal.

Even the mortgage itself has an effect on what your refinance rate will be. A short-term refinance loan usually has lower rates than a longer-term loan. Also, if you want to turn your equity into cash with a cash refinance, you will have to pay a higher interest rate than other types of refinance.

How much does refinancing cost?

When you refinance a mortgage, closing costs typically range from 3% to 6% of the loan amount. So, for a loan of $300,000, you can expect to pay $9,000 to $18,000 in closing costs.

There are a number of factors different lenders take into account when assessing your situation. Compare your options and shop around. Everything from the location of the home to the type of loan you’re refinancing can affect your upfront costs.

Mortgage interest rate by type of loan

Mortgage refinance rate

Mortgage redemption rate

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Can you refinance a car with the same lender? https://flight93.org/can-you-refinance-a-car-with-the-same-lender/ Thu, 10 Feb 2022 14:27:34 +0000 https://flight93.org/can-you-refinance-a-car-with-the-same-lender/ When considering refinancing your car, your current lender might be your first thought. However, not all lenders are able to refinance auto loans. Whether or not your lender is able to help you may depend on the situation. Here are some things to consider if you’re considering refinancing your car loan with the same lender. […]]]>

When considering refinancing your car, your current lender might be your first thought. However, not all lenders are able to refinance auto loans. Whether or not your lender is able to help you may depend on the situation. Here are some things to consider if you’re considering refinancing your car loan with the same lender.

Can I refinance with my current lender? Refinancing involves replacing your car loan contract with another with different rates or conditions. Not all lenders are able to do this. Your current lender is usually a good place to start when looking to refinance your car. However, they may not be willing or able to help you refinance, so you may need to seek help from a new lender.

If your current lender is unable to refinance your loan, there are many places you can seek help, banks, credit unions and online lenders all have the potential to help you. But how do you know who to contact? This is where fare shopping comes in.

Shop around for the best deal. Rate shopping means asking for something, in this case a refinance, from multiple lenders to find the most ideal situation and the deal that’s right for you. The rate purchase window may vary, but to minimize the impact on your credit, all your requests for refinancing must be made within 14 days. When you do this, all inquiries appear on your credit reports, but only one has an impact on your credit score.

Rate shopping can be more difficult as a borrower with bad credit, and you may have several high interest rate loans to choose from. In that case, working with a refinance lender that specializes in bad credit can help. In order to refinance, your credit score generally must have improved since the time you took out your bad credit car loan. This is, however, only one of the standard refinancing requirements. In general, you must also be current on your loan, not have negative equity, and your loan and vehicle must meet the lender’s specifications.

Ready to refinance your vehicle? If you’re ready to see what you’re entitled to in terms of refinancing, we want to help. AT Auto Express Credit we work with many different refinance lenders and want to connect you with one that can help you. Simply fill out our fast and free auto loan refinance application form to get started.

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5 Mistakes You’re Making With Your Student Loans https://flight93.org/5-mistakes-youre-making-with-your-student-loans/ Sat, 05 Feb 2022 18:00:00 +0000 https://flight93.org/5-mistakes-youre-making-with-your-student-loans/ Don’t make these mistakes with your student loans. Getty Here are 5 mistakes you make with your student loans. Here’s what you need to know. Student loans When it comes to paying off a student loan, it’s more of an art than a science. However, your strategy for repaying student loans may cost you more. […]]]>

Here are 5 mistakes you make with your student loans.

Here’s what you need to know.

Student loans

When it comes to paying off a student loan, it’s more of an art than a science. However, your strategy for repaying student loans may cost you more. Here are 5 mistakes you make with your student loans.

1. You’re Not Paying Student Loans During Student Loan Relief

Currently, you are not required to make federal student loan payments. Since March 2020, federal student loan repayments have been suspended, collectively saving student borrowers $5 billion per month for nearly two years. However, one of the smartest things you can do is pay all you can for your federal student loan payments. In addition to the temporary student loan forbearance, there is no new accrued interest on your federal student loans. Therefore, every dollar you pay on your federal student loans will first reduce your current interest and then directly reduce your student loan principal balance. This is a unique opportunity to pay off student loans without accumulating new interest. Not everyone has extra money to pay student loans now. However, even paying a small amount each month can help.

(Shock poll: student loans will all be cancelled)


2. You’re not making a lump sum payment on your student loans

If you haven’t made a lump sum payment on your student loans, it can cost you money. While federal student loans are on hold, you can still make a lump sum payment to reduce your principal balance. (How Federal Student Loans Will Change This Year). Then, when student loan payments resume, your interest rate will be based on a lower student loan balance, which can save you money. The next time you receive a bonus, gift, or other cash payment, consider making a one-time lump sum payment on your student loans. Contact your student loan officer ahead of time and ask them to apply your total payment to your current month’s payment and your principal balance reduction. Without this written instruction, your student loan officer can only pay your minimum payment due and hold the remaining balance until next month’s student loan payment.


3. You are not enrolled in an income-based repayment plan

If you’re having trouble repaying your student loans, especially federal student loans, you should enroll in an income-driven repayment plan. (Most borrowers will not get student loan forgiveness). An income-based repayment plan will set your monthly student loan payment based on your discretionary income and family size. There are four main income-based repayment plans:

  • Income Based Reimbursement (IBR)
  • Pay as you earn (PAYE)
  • Pay As You Earn Review
  • Income Contingent Reimbursement (ICR)

An income-driven repayment plan isn’t for everyone. However, if you are considering forbearing or deferring your federal student loans, it may be financially better to sign up for income-contingent repayment. You can also get student loan forgiveness after 20 or 25 years through income-contingent repayment. (Biden canceled $15 billion in student loans).


4. You forgot to register for automatic payment

What’s the easiest way to save money on your student loans? The answer: sign up for automatic payment. Signing up for autopay can save you 0.25% off your student loan interest rate. With your student loan manager, you can connect your bank account to your student loan account so that monthly payments are automatically deducted.


5. You didn’t refinance your student loans

Student loan refinancing is one of the best ways to save money on your student loans. If you haven’t refinanced your student loans or haven’t refinanced recently, you may be paying too much for your student loans. When you refinance student loans, you can get a lower interest rate, a lower monthly payment, or both. You can also choose a fixed or variable interest rate as well as a repayment period of 5 to 20 years.

This student loan refinance calculator shows how much you can save when you refinance student loans.

For example, suppose you have $100,000 in student loans, an interest rate of 8%, and a repayment term of 10 years. Now suppose you are refinancing student loans at an interest rate of 3% and a repayment term of 10 years. With student loan refinance, you’ll save $248 per month and $29,720 in total over the life of your student loans.

A few points to remember: Refinancing is not for everyone. You will need to be employed or have a signed job offer, a credit score of 650, and a low debt to income ratio. If you need federal benefits like income-contingent repayment or utility loan forgiveness, for example, you shouldn’t refinance your federal student loans because you won’t have access to them after refinancing. The good news is that if you have already refinanced your student loans, you can refinance again with a lower interest rate. There are also no application fees, set-up fees or prepayment penalties.


Student Loans: Related Reading

5 ways to get student loan forgiveness

Shock poll: student loans will all be canceled

Biden canceled $15 billion in student loans

Here’s who won’t get student loan forgiveness

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Daily Mortgage Rates Are Up This Week | February 5 & 6, 2022 https://flight93.org/daily-mortgage-rates-are-up-this-week-february-5-6-2022/ Sat, 05 Feb 2022 10:12:50 +0000 https://flight93.org/daily-mortgage-rates-are-up-this-week-february-5-6-2022/ Despite a brief dip at the start of the week, mortgage rates ended the week up. The average rate on a 30-year fixed rate loan increased to 4.136%, while the rate on a 15-year fixed rate loan increased to 3.125%. Borrowers looking for a 5/1 variable rate mortgage are seeing average rates of 2.789%. Loan […]]]>

Despite a brief dip at the start of the week, mortgage rates ended the week up. The average rate on a 30-year fixed rate loan increased to 4.136%, while the rate on a 15-year fixed rate loan increased to 3.125%. Borrowers looking for a 5/1 variable rate mortgage are seeing average rates of 2.789%.

Loan refinance rates also ended the week higher, with the 30-year refinance rate averaging 4.21%. The 15-year and 5/1 ARM refi rates both increased to 3.193% and 2.839% respectively.

  • The last rate on a 30-year fixed rate mortgage is 4.136%.
  • The final rate on a 15-year fixed rate mortgage is 3.125%. ⇑
  • The latest rate on a 5/1 ARM is 2.789%. ⇑
  • The latest rate on a 7/1 ARM is 3.068%. ⇑
  • The latest rate on a 10/1 ARM is 3.134%. ⇑

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.136%.
  • It’s a day infold by 0.07 percentage points.
  • It’s a month to augment by 0.329 percentage points.

Most borrowers choose a 30-year fixed rate mortgage because of the stable interest rate, long repayment period, and affordable monthly payments. The downside is that the interest rate will be higher than that of a short-term loan, which means you’ll pay more for this type of loan over time.

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Average mortgage rates

Data based on US mortgages closed on February 3, 2022

Type of loan February 3 Last week Change
15-year fixed conventional 3.13% 3.02% 0.11%
30-year fixed conventional 4.14% 4.02% 0.12%
ARM rate 7/1 3.07% 2.83% 0.24%
ARM rate 10/1 3.13% 2.89% 0.24%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 3.125%.
  • It’s a day infold by 0.06 percentage points.
  • It’s a month infold by 0.413 percentage points.

The advantage of a 15-year fixed rate mortgage is that it usually has a lower interest rate than a 30-year mortgage and you’ll pay it off in half the time. The downside is that the monthly payments will be higher than a comparable longer-term loan. It could be a good option if you can afford higher payments.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 2.789%. ⇑
  • The latest rate on a 7/1 ARM is 3.068%. ⇑
  • The latest rate on a 10/1 ARM is 3.134%. ⇑

Variable rate mortgages will actually start with a fixed interest rate. Once this period is over, the rate will become variable and reset periodically. For example, a 5/1 ARM will have a fixed rate for the first five years, then reset every year. The risk with an ARM is that the interest rate could increase significantly once it becomes adjustable. An ARM could be a good option if you plan to sell the house before the rate becomes variable.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.868%. ⇑
  • The rate for a 30-year VA mortgage is 4.141%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.852%. ⇑

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.21%. ⇑
  • The refinance rate on a 15-year fixed rate refinance is 3.193%. ⇑
  • The rollover rate on a 5/1 ARM is 2.839%. ⇑
  • The refinance rate on a 7/1 ARM is 3.112%. ⇑
  • The refinance rate on a 10/1 ARM is 3.181%. ⇑
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Average Mortgage Refinance Rates

Data based on US mortgages closed on February 3, 2022

Type of loan February 3 Last week Change
15-year fixed conventional 3.19% 3.43% 0.24%
30-year fixed conventional 4.21% 4.38% 0.17%
ARM rate 7/1 3.11% 3.17% 0.06%
ARM rate 10/1 3.18% 3.25% 0.07%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly dipped to the lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve has also started to scale back its purchases of mortgage-backed securities and said it plans to raise the federal funds rate three times in 2022 to combat rising inflation from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, February 3, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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What happens if you fail to repay a loan? https://flight93.org/what-happens-if-you-fail-to-repay-a-loan/ Thu, 03 Feb 2022 18:08:51 +0000 https://flight93.org/what-happens-if-you-fail-to-repay-a-loan/ Editorial independence We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money. If you’re behind on paying off your debts or are in financial […]]]>

We want to help you make more informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and allow us to earn a referral commission. For more information, see How we make money.

If you’re behind on paying off your debts or are in financial difficulty, a default can be a frightening possibility on the horizon.

The consumer loan default rate reached record highs in 2020 and 2021, despite the widespread economic downturn. This counterintuitive phenomenon was partly due to the government’s COVID-19 relief initiatives, such as stimulus payments and improved unemployment benefits.

But, as those initiatives wind down, banks are seeing borrower defaults slowly rebound from pandemic lows. For example, Wells Fargo has started to see “very, very small increases in delinquencies,” CEO Charles Scharf said at the Goldman Sachs US Financial Services Conference in December 2021..

Defaulting on a loan can have a serious negative impact on your financial life, from dropping your credit score to losing your home or car, to lawsuits and even garnishment. of salary. But if you take steps now to reach an agreement with your lender, you may be able to get your debt under control and avoid the worst consequences of default.

Here’s what you need to know.

What does it mean to default on a loan?

A default means that you have not made payments according to your loan agreement and the lender believes that you have no intention of making further payments. Unlike a default, which can occur after a single late or missed payment, a default is much more serious and fundamentally changes the nature of your loan.

Most lenders will start reporting missing payments to credit bureaus after 30 days, says Amy Lins, vice president of corporate learning at Money Management International, a nonprofit credit counseling agency based in Sugar Land. , in Texas. If you continue to miss payments, your lender will consider the loan delinquent. For private loans like personal loans or private student loans, it’s up to the creditor to determine how long it can take before the loan is considered past due or in default, Lins says.

Failure to pay can have serious consequences on your credit score and finances. For this reason, if you are currently in default or cannot repay a loan, it is best to contact your lender to discuss other options instead of leaving your loan in default.

How Default Works

Although default and delinquency are sometimes used interchangeably, the two terms mean different things. As soon as you miss or are late on a payment, your loan is considered delinquent, says April Lewis-Parks, director of corporate communications at national nonprofit credit counseling organization Consolidated Credit. Depending on the terms of your loan agreement, failure to pay may result in late fees or other penalties, but it generally won’t affect your credit score as long as you’re no more than 30 days past due. a payment.

Pro tip

If you are behind on loan repayments due to financial hardship, contact your lender directly as soon as possible to try to work out a deal before your loans go into default.

Once you have been in arrears for a period of time, your loan will be in default and your lender will begin to take action to recover that money. It’s ultimately up to the creditor how they handle their bad debt, Lins says. They may try to contact you through their own internal collections team or work with a third-party collection agency. As a last resort, they can sell it at a discount to a debt collection agency, who would then own the debt and can try to collect it from you.

Depending on the specific type of loan, the lender may also take other actions after a loan has gone into default. Here are some examples :

Car credits: Auto loans are secured by your vehicle, which means that if you don’t make payments, your lender will repossess your car and try to sell it to recoup their losses. If the resale value of the car doesn’t cover the outstanding amount, lenders also have the option of taking legal action and obtaining judgment against you for the difference, Lins says. For example, if you owed $17,000 on a delinquent car loan and the lender was only able to sell the car for $15,000, they could sue to get the remaining $2,000 from you.

Mortgages: Since your mortgage is secured by your home, which serves as collateral, failure to pay your loan will result in your property being seized by the lender through a process known as foreclosure. The exact foreclosure process will vary depending on the laws in your state. Some states require a court foreclosure, which requires the lender to seek judgment from the courts, while other states allow non-court foreclosures, which does not require the lender to go to court and can therefore proceed much faster .

Student loans: When private student loans are in default, they are generally treated the same as personal loans and credit cards. But federal student loans follow a different process. Once 30 days have passed since your last payment, a federal loan is considered past due. When it reaches the 270 day mark, it is considered defaulted. Student loans are unique in that the federal government can garnish your wages without needing a court order if you are in default, while most other types of debt require a creditor to bring you first. in justice.

What are the penalties or consequences of non-payment?

Depending on the type of loan you default on, you could face serious consequences ranging from a damaged credit rating to seizure of assets to possible legal action. Here are some of the most common consequences of defaulting on payment:

  • Damaged credit score: No matter what type of loan you default on, you will almost certainly see a serious and lasting negative impact on your credit score. Your payment history makes up 35% of your credit score, and a default can stay on your credit report for up to seven years. This could make it harder to get new credit in the future.
  • Seizure of assets: If you default on a secured loan – a loan secured by collateral – the lender can seize the asset you used as collateral and sell it to recoup the cost. Common secured loans include mortgages, which use your home as collateral, and car loans, which use your vehicle as collateral. Home equity loans and HELOCs are also secured loans secured by your home. Some personal loans may also be secured, with the exact collateral required varying by lender. Losing your home or car can turn your life upside down, so it’s especially important to avoid leaving secured loans in default if you can.
  • A legal action: If you are in default, your creditor could sue you to recover the amount owed. The exact process depends on your state’s laws, but if your creditor can get a court order, they may be able to recover your personal assets or garnish your wages.
  • Payday entry : While most types of debt require a creditor to obtain a court order before they can garnish your wages, federal student loans are different. If you fail to repay a federal student loan, the federal government can seize up to 15% of your disposable income to pay your debt without taking you to court. The government can also do cash compensation, Lins says, where it takes money from your tax refund or Social Security benefits to pay your debt.

How to get out of the fault

1. Contact your lender

If you anticipate not being able to meet your loan repayments, contact your lender as soon as possible. Explain your situation and see if you can negotiate a payment plan to get you back on track. Most lenders prefer to work with you to find a solution before you go into default, rather than going through the expense and hassle of collections.

Especially in today’s environment, “lenders are really willing to work with people,” says Lewis-Parks. “So [consumers] shouldn’t be afraid to reach out. It will never make the situation worse. »

If you’re behind on your mortgage, talk to your lender about options to avoid foreclosure. You may be able to enter into a forbearance agreement, in which the lender allows you to reduce or suspend payments for a period of time. Or, you could work out a loan modification, where the lender adjusts the terms of the loan to lower your monthly payment.

2. Rehabilitate or consolidate your federal student loans

There are two main ways to get out of federal student loan default: rehabilitation and consolidation.

As part of the rehab, you will work out a new repayment plan with your loan provider based on your discretionary income. After nine one-time monthly payments under a rehabilitation agreement, your loan will no longer be in default and the default record will be removed from your credit file.

Loan consolidation allows you to consolidate your defaulted federal loans into a new direct consolidation loan and repay the new loan under an income-driven repayment plan.

A third, less common option is to pay off your defaulted loan in full. This probably won’t be feasible for most borrowers, but it could be an option if you’ve already defaulted on your loan, but have since received a sudden windfall and now have the funds to pay it off completely.

3. Ask for help if you need it

If you feel overwhelmed with debt or don’t know where to start, consider seeking help from a nonprofit housing or credit counseling agency. A professional counselor can advise you on your options, help you strategically prioritize your debt, and help you negotiate with your creditors or develop a debt management plan.

“One of the things we really do is help [consumers] break that cycle of inaction, understand what their choices are, help them come up with a plan and move forward,” Lins says.

Some credit counseling agencies may charge a small fee for their services, but these can usually be waived if you are in financial difficulty.

A housing counseling agency offers advice specifically related to housing – including mortgage default and foreclosure – while a credit counseling agency can offer help with several types of debt, from credit cards personal loans to student loans.

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How To Crush Your Vacation Debt | Lifestyles https://flight93.org/how-to-crush-your-vacation-debt-lifestyles/ Thu, 27 Jan 2022 17:00:00 +0000 https://flight93.org/how-to-crush-your-vacation-debt-lifestyles/ The holidays are gone without a trace. Well, almost. Long after the decorations have fallen, you still have debts lying around. Don’t let this ruin your year. Here’s what you can do to take control of your vacation debt. REVIEW WHAT YOU NEED First, gather some important details about your debt. List your accounts for […]]]>

The holidays are gone without a trace. Well, almost. Long after the decorations have fallen, you still have debts lying around.

Don’t let this ruin your year. Here’s what you can do to take control of your vacation debt.

REVIEW WHAT YOU NEED

First, gather some important details about your debt. List your accounts for each type of debt you have. Maybe you’ve split your vacation purchases between two different credit cards and a “buy now, pay later” loan, for example.

For each debt, write down the amount you owe, the minimum payment amount, the interest rate, and the payment due date. Staying organized can keep bills from sneaking up on you.

Next, carefully review receipts for your vacation purchases, says Bruce McClary, senior vice president of communications for the National Foundation for Credit Counseling. “Compare it with what’s on your credit card statement to make sure you’re being charged accurately and that there are no mistakes that could prove costly,” says McClary.

FIT IT INTO YOUR BUDGET

Determine how much you can afford to repay each month. The 50/30/20 budget is a framework you can use to balance your debt with your income and other expenses. With this rule, 50% of your monthly income is spent on necessities, 30% on needs, and 20% on savings and debt repayment.

You can also use budget apps like Mint and You Need a Budget to automatically track your spending by category, says Jeff McDermott, a certified financial planner in Saint Johns, Florida.

“It just gives someone a baseline to get an idea of ​​’What do I normally spend? What kind of cash flow should I have to start paying off some of that debt? Y Are there things I’m overspending on that I should be able to cut back a bit to free up some money to tackle debt?” McDermott says.

CHOOSE A PAYMENT STRATEGY

Once you have a good idea of ​​how much you owe and your budget, set up a repayment plan. You’ll pay off your vacation debt sooner if you make more than the minimum monthly payments.

McClary suggests using online debt calculators or tools to estimate your debt-free date. “You can test strategies of adding different amounts to the minimum payments to see how quickly it would pay off.”

If you are unable to pay above the minimum on several debts at this time, you can take care of one at a time. There are two main methods for prioritizing repayment: debt snowball and avalanche.

With the debt snowball, you first pay extra on the debt with the smallest balance, while making the minimum payments on the others. Once you clear that debt, apply the amount you were paying to pay off the next smaller debt, and repeat. With Debt Avalanche, you focus on the account with the highest interest rate first.

“The avalanche, where you attack the debt with the highest interest rate first, usually makes the most logical sense. It’s the best from a mathematical point of view,” says McDermott. “The only downside to that is that sometimes it can be hard to feel like you’re progressing if that particular card is really high.”

Which method is right for you? Pick the one you’ll feel most motivated to stay on track with, McDermott says.

EXPLORE WAYS TO GIVE UP YOUR HOLIDAY DEBTS FASTER

Here’s what you can do to speed up the debt repayment process:

CONSIDER CONSOLIDATION. Consolidation combines multiple debts into one payment, usually through a personal loan or balance transfer card. This approach can make it easier to manage your debt and reduce the overall interest rate you pay on it. Usually you will need a good or excellent credit score. Before applying, McClary suggests getting a copy of your credit report and checking your credit scores to get an idea of ​​your eligibility.

NEGOTIATE WITH THE CREDITORS. Picking up the phone can also pay off. “If you think the interest rate you’re being charged isn’t the best rate you could qualify for right now, talk to your credit card company and see if there’s a lower rate than they can give you or better terms on the card, says McClary.

EARN EXTRA MONEY. An increase in income gives you the opportunity to pay off your debts more quickly. You can earn money on the side (such as through a dog walking gig or a cash back app) or use a boon, like a tax refund.

RELATED LINK:

NerdWallet: Tools and advice to pay off your debts https://bit.ly/nerdwallet-pay-off-debt-tools-and-tips

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