Tips for lower Interest rates

Real Estate Broker/Owner with Caron's Gateway Real Estate NH #054318


1.Consolidate debt.  With interest rates  at historic lows, it makes sense to
debt into one  low-interest loan. For example, if you have outstanding balances
on  several credit cards, consider transferring those balances  to one credit card
with the lowest interest rate.  If you qualify, it  may be a good time to apply
for a home equity line of credit to  consolidate debt or make a home improvement.
Banks have been easing  lending standards, so it may be easier to qualify today
 than it was a couple years ago.

2.Shop around for credit cards with the best interest rates.  You may be able to
 get one with better terms than the one you are  currently using.  Or, ask your
credit card issuer to lower your interest  rate to make it more competitive.

3.Make large purchases now.  If you've  been thinking of making a major purchase
 like a house or a car, today's  low interest rates make it a good time to finance
big-ticket items.  However, make sure you have a good credit record  and can pay
 the loan before applying.

4.Know your credit score.  Before you  apply for any loan or credit card, check
your credit report and learn  your credit score.  Make sure your score is higher
 than about 680 to  qualify for the very best rates.  If your score  is lower than
that, pay down your balances, remove errors from your  credit report, and pay bills
on time to raise your score.

5.Keep saving.  Just because standard  savings accounts aren't paying a lot of interest
now does not mean you  should stop saving for your future.  Your savings will still
accrue,  you'll be less likely to spend it, and you know  it will be safe.  If you
can afford to lock up your money for a while,  longer-term Certificates of Deposit
(CDs) pay the highest interest  rates.

Check with your local lenders and see what they can do for you.

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