Increase Your Debt Snowball with a RefinanceJanuary 17
I have a feeling that this year there are going to be a lot of people looking to get out of debt. Not that people haven’t set this as a goal or resolution before, but I think that more people are going to figure it out and have the discipline to do it this year.
The good news is that will low interest rates now is a great time to refinance different loans you have as a way to save some extra money and have more cash available to work into your debt snowball.
A lot of people have considered doing this with their home loans, but I think that fewer people have considered refinancing an auto loan.
One reason for this may be that with a home loan refinance you can potentially save several hundred dollars a month. However with a car refinance, you’re looking to save possibly several hundred dollars over the year. But either way, these are additional savings that you can then work into your debt snowball or other expenses.
How you use the money is up to you. I know some people that have refinanced their cars to a low interest rate as a way to free up some cash to pay off high interest credit cards. In fact, you can often take out a refinance on a car that you’ve already paid off if it is in good enough condition.
So is this going to be your year to finally get on the road to getting out of debt? If it is, then looking at a car refinance may be something you should consider.
17 Jan 2010 | 5:10 pm | Autos
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