Wouldn’t it be nice to be free of high interest rate loans? What if you were able to get rid of them in one week?
Personal loans, credit cards and Payday loans are three types of financial services that are often accompanied with high interest rates. Finding alternatives to these financial services can be difficult, but ditching the high interest loans and other financial services helps the customer to save the most.
How can you ditch the higher interest rates?
High interest credit cards can be an expensive way to carry debt. Finding an alternative to credit card debt can be as simple as a balance transfer. For customers that qualify and have an adequate credit rate, they are able to balance transfer the funds on the credit card from a higher interest credit card to one without interest for a significant period of time. Referred to as a balance transfer, the customer can often find deals that allow them to transfer their balance for minimal fees, accruing no interest on the principal for up to eighteen months after the funds have been transferred.
For customers trying to escape the trap of high interest payday loans, it can be as simple as cutting the costs for two weeks and living with less to finally repay the loan. Payday loans borrow money against future paychecks and can be continued easily over to the next pay period through Payday loan companies – However, doing this can increase the interest and leave you behind in future earned income. Stretching the dollar and repaying the loan once and for all can help to reduce the high interest. Start saving for these emergencies and avoid using Payday loans in the future to escape this situation.
Customers that are trying to find a solution to high interest loans may want to consider refinancing the loan. If situations have changed since the loan was originally issued, including changes in the interest rate or an increase in the credit score, customers are often able to find lower rates that can save money every single month that the loan is being repaid – as well as saving money throughout the principal of the loan.
Saving money on high interest rates doesn’t have to be difficult. Contacting the credit card company or the financial institution to determine what your options are when it comes to the high interest debt can save you money with ease.
Life After The Military, is dedicated to providing Soldiers with accurate information related to the 2013 Army Pay Raise. For more information visit us at www.lifeafterthearmy.com
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