Consolidating 2 mortgages

Our nation's central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.

Loan discount fees are considered a form of interest.

Refinancing debt is also a smart strategy, especially for those in the post-grad plateau— the early stages of a promising career—with plenty of raises just around the corner.

With fixed-rate credit cards becoming more difficult to find, and the average annual percentage rate (APR) for variable-rate credit cards just over 16% as of this writing, you could save thousands of dollars by refinancing credit card debt with a low-interest personal loan.

This calculator can be used for mortgage, auto, or any other fixed loan types.

Is comparing APR's the best way to decide which lender has the lowest rates and fees?

But if you qualify for a 7.5% APR personal loan with a three-year term, and use it to refinance your credit card debt, your monthly payment would go down by and you’d save over ,000 on total interest over the life of the loan.

Of course, everyone’s situation varies, but you can use So Fi’s personal loan payment calculator to do the math on your own personal loans.

Committing a portion of every salary increase to paying down credit cards and personal loans is the obvious solution, but it isn’t the only option.

The average American household carrying a credit card balance has over ,000 in debt, but you sure wouldn’t know it.

People talk all day long about their workouts, favorite apps, and their love lives, but bring up the subject of money, especially credit card debt, and suddenly everyone clams up.“Money is the last taboo subject,” said So Fi Chief Operating Officer Joanne Bradford in a May episode of the Digiday podcast. They’re uncomfortable with talking about how much they make, how much they save, what they can do with it.”According to the American Psychological Association’s latest “Stress In America” report, money is the number one cause of stress—ahead of work, family, and health concerns.

Let’s say you have a ,000 balance on a fixed-rate credit card with a 16% APR, and your goal is to pay it off within three years.

Your monthly payment would be about 7, while your total interest cost would be about ,972—and that’s if you don’t continue to charge new credit card debt.

Leave a Reply